Diamond Sports, FanDuel reach naming rights agreement for regional sports networks [CNBC]
Fox Corporation - Class B (FOX)
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Source: CNBC
The agreement will start with the 2024 NHL and NBA seasons and will be long-term, pending Diamond's emergence from bankruptcy, according to a bankruptcy court filing. The agreement gives FanDuel the right to buy equity in the reorganized Diamond Sports. More change is coming to Diamond Sports' regional sports networks. The company said in court papers filed Tuesday that it reached a naming rights deal with Flutter -owned FanDuel, which will rebrand the Bally Sports channels just as the National Hockey League season has started and the National Basketball Association's 2024-2025 season is less than a week away. Diamond Sports said in the filing that if it is able to emerge from bankruptcy protection, FanDuel will be a “long-term naming rights partner.” The new naming rights agreement would also give FanDuel the right to buy up to 5% of equity in the reorganized company and get performance warrants for up to 5% of equity. The agreement is subject to court approval. The new
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