ST. LOUIS — The St. Louis Cardinals and St. Louis Blues are grappling with what could be “short-term pain” as the parent company of their television partner Bally Sports Midwest appears to be heading toward bankruptcy court.
Bally Sports Midwest owner Diamond Sports Group this week is expected to miss a $140 million interest payment on its $8.6 billion in debt, the Associated Press reported Friday. In doing so, the company would edge closer to Chapter 11 bankruptcy proceedings that could impact the finances of dozens of major league sports teams that receive rights fees from the company to broadcast games as part of multiyear agreements that account for a major source of revenue.
The Cardinals are currently in a 15-year deal with Bally Sports Midwest reportedly worth more than $1 billion, according to Forbes. They also have an ownership stake in the company that Forbes in 2015 reported as accounting for 30% of the network.
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