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Regional sports network owner Diamond Sports prepares for possible bankruptcy



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The Ohio Cup Trophy on top of a Bally Sports logo prior to a game between the Cincinnati Reds and Cleveland Guardians at Progressive Field on May 17, 2022 in Cleveland, Ohio.George Kubas | Diamond Images | Getty ImagesDiamond Sports Group, the owner of the largest portfolio of regional sports networks, is preparing for a likely bankruptcy filing after skipping an interest payment due to bondholders Wednesday, according to people familiar with the matter.The company, which is an unconsolidated and independently run subsidiary of Sinclair Broadcast Group, said Wednesday it decided to miss about $140 million in interest payments due to its bondholders and would instead enter into a 30-day grace period.Diamond’s management, creditors and other stakeholders have been in discussions in recent months as it has been looking to restructure its hefty $8 billion debt load. The company said Wednesday it intends to use the 30-day grace period to continue those discussions “regarding potential …

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