Maybe those balloons getting shot down were balloon payments owed to banks for Diamond Sports Group

Diamond Sports Group, who own Bally Sports, is likely to file for Chapter 11 bankruptcy sometime in the next month as Diamond and its creditors will race against the clock to come up with a debt solution that minimizes the risk of disruption to live broadcasts and financial pain for NHL clubs, but also for many NBA and MLB teams too. 

Diamond Sports Holdings, which runs Bally Sports has skipped a $140M debt payment & will file for bankruptcy. It will affect several NHL teams viewing deals, & the NHL bottom line (cap will take a hit)

Its a HUGE story to watch for NHL fans@TheHockeyWriter @HabsUnfiltered #THW

— Blain (@BlainPotvin_THW) February 15, 2023

The bankruptcy could have a dramatic impact on 12 US Based NHL teams where local TV rights have been an important and reliable revenue stream. For those affected teams, the bankruptcy will trigger a number of questions such as what about payments owed? Will it affect regional broadcast rights? and for the NHL, seeing nearly 1/3 of its franchises take a major financial hit, what will this do to the Salary Cap?

It may be time to panic if you’re a low-revenue NHL team or worse, one that is banking on the cap going up.

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