Potential disaster as major NHL sponsor is declaring bankruptcy
Garry Bettman and the NHL received some awful news on Wednesday, as a major sponsor will allegedly be cutting ties for money reasons.
According to reports, the owner of Bally Sports finds themselves in severe debt. Luke Bouma of Cord Cutters News broke the news yesterday.
As per Bouma:
''The company called Diamond Sports Group LLC, which runs Sinclairs sports channels, is reportedly $8.6 billion in debt. Sinclair is hoping to strike a deal to help them keep the channels operating thanks to bankruptcy.''
''In total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.''
''In total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.''
It is likely that the parent company will attempt to break off ties with multiple NHL clubs to try and save money. This could impact the following teams:
Los Angeles, Anaheim, Arizona, Dallas, St. Louis, Minnesota, Detroit, Columbus, Nashville, Carolina, Tampa Bay, and Florida.
This loss of partnership and money could directly effect the league's salary cap for many years to come.
Find the link to Bouma's full article below:
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