Bally ÁñÁ«ÊÓƵ Midwest is becoming FanDuel ÁñÁ«ÊÓƵ Network Midwest. A Houston bankruptcy judge on Friday approved a deal between network owner Diamond ÁñÁ«ÊÓƵ Group and sports betting giant FanDuel, with the name change set to be implemented Monday.
But it came over objections from a Major League Baseball attorney, who said the league had been left in the dark about the agreement, and worried about the consequences.
“It’s simply not anything approaching due process,†MLB lawyer James Bromley said during Friday’s emergency hearing. “(Diamond is) not providing us to see the information that is critical.â€
Bromley did not further explain his concerns, and did not return requests for comment.
Diamond — parent company of Bally ÁñÁ«ÊÓƵ Midwest and 18 other regional sports networks that use the Bally name — has been in bankruptcy proceedings since March 2023, a result of dwindling cable viewership over the years. Recently, the company signaled that it could drop broadcasts for the Cardinals and 10 other MLB teams.
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On Friday, Houston bankruptcy Judge Christopher Lopez overruled the newly raised concerns of MLB and approved the naming rights deal between Diamond and FanDuel. He encouraged Diamond and FanDuel to provide MLB with a redacted version of the sealed term sheet.
Diamond said it would follow the same betting terms and regulations under FanDuel as it has for Bally’s Corp., also a gambling and betting entertainment company.
The court approval ensures that FanDuel is the new naming rights partnership for the 2024-25 National Hockey League and National Basketball Association seasons — and beyond if Diamond successfully emerges from bankruptcy. It covers 16 Bally ÁñÁ«ÊÓƵ regional sports networks, or RSNs, which will be rebranded under the FanDuel banner.
In a news release, Mike Raffensperger, the president of sports for FanDuel, said the partnership solidifies FanDuel’s position in front of sports fans.
“A large cohort of FanDuel customers are devoted RSN viewers and this agreement allows us to further cement the FanDuel brand with sports fans and provides a unique vehicle to reward our users,†he said.
In documents submitted to the court early this week, Diamond said it began searching for a new naming rights partner in February as the naming-rights deal with Bally’s Corp. was set to expire at the end of the MLB season.
Diamond believes that the partnership with FanDuel will increase revenue, pave the way for future growth and allow for future integration of FanDuel content, according to court filings.
Terms of the deal were not publicly disclosed, but Diamond said, pending court approval of its reorganization plan, it would allow FanDuel to purchase up to 5% of the equity in the company.
Diamond attorney Joe Graham called this partnership “another significant milestone†for the company as it continues to reorganize ahead of its November confirmation hearing.
“FanDuel has been working with us very diligently to lock down the terms of the term sheet,†Graham said in court. “This will further strengthen the relationship Diamond has with its fans.â€
The Bally ÁñÁ«ÊÓƵ regional sports networks will officially rebrand under the FanDuel ÁñÁ«ÊÓƵ Network name on Monday, a day before the NBA’s regular season begins.
A final confirmation hearing for Diamond’s bankruptcy case is scheduled for Nov. 14, where Diamond will make a case that it should be approved to emerge from bankruptcy and reorganize.