Published on: October 17, 2024, 05:58h.

Last updated on: October 17, 2024, 05:58h.

Diamond Sports Group, the bankrupt operator of regional sports networks (RSNs) currently known as Bally’s Sports, is seeking approval from the court to rebrand to FanDuel at the earliest opportunity.

In a filing with the US Bankruptcy Court, Southern District of Texas, Diamond stated the need to switch to FanDuel branding promptly due to ongoing sports seasons and contractual agreements with leagues.

With financial pressures mounting and the imperative to conserve cash, the partnership with FanDuel is considered vital for Diamond’s Chapter 11 restructuring efforts.

FanDuel Financing Details Uncertain

The exact amount FanDuel will pay Diamond for the naming rights of the RSNs remains unknown at this time. However, Diamond anticipates receiving a substantial rights fee payment and advertising commitments from FanDuel, along with potential equity purchases post-bankruptcy.

“The potential for future integrations of the Debtors’ and FanDuel’s respective products and offerings,” said Eric Ratchman, Diamond’s president of distribution and business development, in a legal document.

FanDuel, a prominent online sportsbook operator, already boasts a substantial presence in cable television through its FanDuel TV network, previously dedicated to horse racing and later expanded to cover various sports in 2022.

FanDuel Deal Beneficial for Diamond Sports

The partnership with FanDuel provides Diamond Sports with a stable branding ally capable of sustaining the relationship and possessing strong brand recognition nationwide.

For FanDuel, the appeal lies in potentially branding RSNs broadcasting games for 38 MLB, NBA, and NHL teams. The court filing highlights alignment between the RSNs broadcasting areas and states where FanDuel operates online sports betting, including Arizona, Kansas, North Carolina, and Ohio.