Diamond Sports Group, LLC ("DSG," "Diamond," or the "Company"), today issued the following update along with unaudited financials. On or around June 29, 2023, Diamond entered into confidentiality agreements with certain holders of its funded indebtedness (the “Creditors”) in connection with the Creditors’ evaluation of a potential transaction involving Diamond and Diamond’s business plan. Pursuant to the NDAs, Diamond agreed to publicly disclose certain information provided to the Creditors, including material non-public information, upon the occurrence of certain events set forth in the NDAs.
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In connection therewith, Diamond shared certain unaudited financial information with respect to its fiscal year ended December 31, 2022 (the “Unaudited 2022 Financial Information”) with the Creditors as part of discussions by and among the parties concerning a potential transaction to be implemented in connection with Diamond’s chapter 11 cases and emergence therefrom. The Unaudited 2022 Financial Information is based solely on the information available to Diamond as of July 31, 2023. The Unaudited 2022 Financial Information has been prepared by, and is the responsibility of, Diamond’s management and has not been audited, reviewed, or compiled by Diamond’s independent public accounting firm. As such, Diamond’s independent public accounting firm does not express any opinion or other form of assurance with respect to the Unaudited 2022 Financial Information. There are no guarantees that an agreement among the Creditors and Diamond with respect to a potential transaction or otherwise will be finalized.
The Company is disclosing the Unaudited 2022 Financial Information in satisfaction of its obligations under the NDAs.
Additional information regarding Diamond’s Chapter 11 proceeding, including court filings and information about the claims process are available at https://cases.ra.kroll.com/DSG.
About Diamond Sports Group
Diamond Sports Group LLC, an independently-managed and unconsolidated subsidiary of Sinclair Broadcast Group, Inc., owns the Bally Sports Regional Sports Networks (RSNs), the nation’s leading provider of local sports. Its 18 owned-and-operated RSNs include Bally Sports Arizona, Bally Sports Detroit, Bally Sports Florida, Bally Sports Great Lakes, Bally Sports Indiana, Bally Sports Kansas City, Bally Sports Midwest, Bally Sports New Orleans, Bally Sports North, Bally Sports Ohio, Bally Sports Oklahoma, Bally Sports SoCal, Bally Sports South, Bally Sports Southeast, Bally Sports Southwest, Bally Sports Sun, Bally Sports West, and Bally Sports Wisconsin. The Bally Sports RSNs serve as the TV home to more than half of all MLB, NHL and NBA teams based in the United States. Diamond Sports Group also has a joint venture in Marquee, the home of the Chicago Cubs, and a minority interest in the YES Network, the local destination for the New York Yankees and Brooklyn Nets. Diamond RSNs produce approximately 5,000 live local professional telecasts each year in addition to a wide variety of locally produced sports events and programs each year.
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Contacts
For Diamond Sports Group: Paul Caminiti/Renée Soto/Luc Herbowy, Reevemark, DiamondSportsTeam@reevemark.com
