MLB, NHL, and NBA Might Buy Sinclair's Sports Nets

Back in 2019 Sinclair bought the Fox regional sports nets and they have basically been losing money on them ever since.

Sinclair sold the naming rights of the sports nets to Bally’s casino for a boatload of cash, but it hasn’t been enough to stop the company from losing money and many expected to see them filing bankruptcy fairly soon.

But, they may have a buyer for the sports nets.

The NY Post reports that MLB, the NBA and the NHL may orchestrate a buyout of the 21 sports channels.

The Post reports that Sinclair is expected to propose giving over Diamond’s equity to creditors who would then sell most of the operation to MLB, the NBA and the NHL while Diamond retains a minority stake in the business, the sources said.

“They will offer it to all three leagues,” one source close to the talks said. “There is a reasonable likelihood this will all happen. That’s where this is heading.”

One league official told The Post the leagues are working on a contingency plan. MLB, for one, is prepared to broadcast games in local markets, charging cable companies the usual fees and passing the proceeds to team owners until Diamond emerges from bankruptcy.

“Speculation raised by anonymous sources is just that, speculation,” a spokesperson for Sinclair told The Post on Tuesday. “We enjoy the full support from the teams, NBA and NHL leagues, and look forward to continuing our work with them to transform the RSN model.”

Stay tuned…