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Phoenix Suns say 'Bye-Bye Bally'

So the Suns and Gray Television filed their Objections today. A big part the Suns argument is a) the Suns and Diamond negotiated for over a year between 2021 and 2022 and could not come to a renewal agreement. So after the Suns Final Offer to Diamond was rejected, they went on the market and started negotiating with other broadcasters. b) that Gray Television agreement is more favorable to the team because there is the difference between a cable only RSN vs. over-the-air station when it comes to the added value of advertising due to how many more fans will be able to watch.

Also, I did noticed in regards to the Mercury at the end of Gray's Objection pretty much says the Mercury should not be affected.

As previously discussed, Gray understands that the Debtors have no existing or expiring rights agreement with respect to the Mercury and do not allege any violation of the automatic stay with respect to that team. Accordingly, there is no basis to void the Term Sheet with respect to the Mercury.
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Looks like all the RSNs will go extinct in five years or less, it is cheaper for pro teams just to contract TV stations to air their games instead of running their own RSN.
 
Update from the hearing today according to CNBC:
On Wednesday, Judge Christopher Lopez ruled the Suns violated a section of the bankruptcy code and must comply with the terms of their current agreement with Diamond Sports. He added the Suns and Diamond must come to a consensual agreement and find an appraiser to move the process forward.
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www.cnbc.com

Judge halts Suns' bid to exit bankrupt Diamond Sports network

A bankruptcy judge halted the Phoenix Suns' push to exit bankrupt Diamond Sports network in favor of a broadcast TV and streaming partner.
www.cnbc.com www.cnbc.com

Apparently an appraiser will have to decide if the Bally Sports/Diamond Sports Deal or the Gray Television Deal to has better better valuation.
 
Last edited:
Court order has been added to the Docket. According to the order Suns/Gray Deal is voided. Mercury/Gray Deal is not affected.

the Court FINDS AND ORDERS THAT:
1. The Suns violated the automatic stay under Section 362(a)(3) of the Bankruptcy
Code.
2. The Suns shall continue to perform and comply with their obligations under the
Agreement in all respects.
3. All terms of the Replacement Offer and/or the Replacement Agreement that
impede on any rights Diamond Arizona has under the Agreement in any way are void. This
Order does not affect the rights under Agreement between Gray, Kiswe, and the Suns about the
Phoenix Mercury.
4. The Court reserves the right to hold a hearing about awarding costs and attorneys’
fees under Section 105(a) of the Bankruptcy Code at a later date. The Court retains exclusive
jurisdiction with respect to all matters arising from or related to the implementation,
interpretation, and enforcement of this Order.
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So a noticed of hearing has been filed in connection to the Diamond Sports motion against Phoenix Suns setting a hearing date for August 1 at 1 PM CT.
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