Sports fans are likely going to have to look elsewhere if they want to watch three of Detroit’s professional sports teams on television in 2024.
Diamond Sports, the parent company of Bally Sports Detroit – the TV home for the Tigers, Red Wings and Pistons – filed for bankruptcy last year. Click On Detroit reported that, under an agreement several months ago established the Tigers would play on Bally this year, while the NHL and NBA could negotiate new deals once their current seasons end this summer.
Now comes word, via the Associated Press, that Amazon is making a minority investment in Diamond Sports, reportedly for an initial sum of $115 million, as part of a restructuring agreement.
Diamond owns 18 networks under the Bally Sports banner, the AP reported, which have rights to 37 teams, including 11 baseball, 15 NBA and 11 NHL squads. According to an AP report, Detroit Tigers games this season would be available on Amazon Prime, though perhaps not as part of the standard Prime packaging.
The NHL and NBA were still considering their options; no announcements about their television scheduling had been made yet.
Diamond Sports announced the terms of the agreement last week and presented to bankruptcy Judge Christopher Lopez.
“There’s lots to digest, especially when you consider where things were the fourth quarter of last year,” Lopez said at the end of the hearing, according to AP. “It is certainly a very interesting development to say the least. The thought the company is moving in this direction is a positive development.”
Diamond Sports had been negotiating deals with all of the leagues, which would have been completed by the end of the coming baseball season.
The NBA and NHL both said they have received the documents and were reviewing them before discussing next steps with Diamond. Major League Baseball was more pointed in its evaluation.
“We are thrilled to have reached a comprehensive restructuring agreement that provides a detailed framework for a reorganization plan and substantial new financing that will enable Diamond to operate and thrive beyond 2024,” Diamond Sports CEO David Preschlack said in a statement. “We are grateful for the support from Amazon and a group of our largest creditors who clearly believe in the value-creating potential of this business. Diamond’s near-term focus will be on implementing the RSA and emerging from bankruptcy as a going concern for the benefit of our investors, our employees, our team, league and distribution partners, and the millions of fans who will continue to enjoy our broadcasts.”
