Diamond declared bankruptcy in March, but has been televising Guardians games without paying the team. Meanwhile, Diamond has been collecting subscription and advertising fees from the games.
The Guardians’ contract with Diamond runs through 2027. The team is scheduled to receive $55 million this year, but exactly how much they receive could be determined in aU.S. Bankruptcy Judge Christopher Lopez ordered Diamond to make 50% payments to the Twins, Rangers and Diamondbacks as well as the Guardians. Diamond holds regional sports network contracts with 14 of MLB’s 30 teams.
The Guardians, based on Judge Lopez’s order, are expecting to receive 50% of their May payment as well. Any payments after that could be affected by the results of the May 31 hearing. Besides the Guardians, Twins, Rangers and Diamondbacks, Diamond holds contracts with the Reds, Braves, Angels, Marlins, Tigers, Royals, Brewers, Cardinals, Padres and Rays.
According to fiercevideo.com, Diamond’s lawyers offered to make payments to the Guardians and Twins and put them in escrow. The teams rejected that idea.
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