[NBA_NewYork] MSG Networks has hired advisors to pursue a “work-out” refinance as it can’t pay $850 million debt due October & hasn’t been able to make a deal w lenders
In SEC filing today company mentions possibilities including default & foreclosure
“We’ll keep you updated as appropriate”
MSG Networks has hired advisors to pursue a "work-out" refinance as it can't pay $850 million debt due October & hasn't been able to make a deal w lenders
In SEC filing today company mentions possibilities including default & foreclosure
"We'll keep you updated as appropriate" pic.twitter.com/1grlbvSnME
— New York Basketball (@NBA_NewYork) August 14, 2024
by NYdude777
14 Comments
ELI5… Does this mean MSG network could shut down? If so… first they came for TNT and Inside the NBA, and I said nothing. Then they came for Mike and Clyde, and YOU DAMN SURE WE BURNING THIS MF TO THE GROUND IF THEY TAKE THIS AWAY FROM US!!!
Huh, certainly doesn’t sound good. I really hope this is figured out by the start of the season as I need my Clyde and Mike fix throughout the season.
Dolan sitting alone in his $2.3B Sphere in LV:
“I’m tapped bro.”
The company i work for tracks distressed debt (loans and bonds that companies dont pay in time for) and a lot of times when a company fails to pay off multiple of these debts i do see them filing for some type of bankruptcy a couple of months later.
Don’t see any updates on MSG’s debt on my company’s data base yet, but i’ll keep an eye out for it
Someone dumb this down for me and tell me how it affects my Knicks and me watching my Knicks
Watching the NY Knicks play in the Westchester County Center next season will be amazing
I’ve worked hard and come a long way in life to finally be able to both afford cable and not have to work night shift. And I’ve suffered through countless shirty knicks seasons. I was so looking forward to being able to watch this team this year every night. If I can’t, I’m gonna be devastated
Just sell the rights to a local channel, you’ll still get a lot of money and a lot more people are able to watch
Who’s ready for that inaugural Bally Sports season! lol. Good thing me eye patches still fit. I’m going to hate listening to these homer calls on the other team’s networks though.
Dolan having to sell the team after them finally being relevant would be the most Knicks thing ever
They had to report this in the SEC filings, and it isn’t ideal, but this is almost a nothing burger. I have no question in my mind that MSG will restructure their loans, and the harsh words (default/foreclosure) are used to put pressure on the lenders. The lenders DO NOT want MSG to default and/or foreclose, because then worst case the the courts will have get involved in a bankruptcy restructure, or best case MSG will be in danger of losing it’s ability to generate income (i.e., the garden) on scale to repay the loans, but either way it would be certain that the banks would not get back 100 cents on the dollar. Not even close. So they’ll work out a refinance.
Guess we all need to buy more Taco Bell?
Is this the end of Clyde & Breen???
Make your damn payments Dolan! I do not want to be part of Ballsack sports network
A lot of RSN’s are in trouble and some outright going bankrupt. It’s not shocking to see MSG in that boat. Regional Sports networks are most impacted by people cutting the cord and attempts to pivot to streaming have been poorly priced and executed.
The RSN business model has to be adjusted they can’t pay these exorbitant broadcast fees and lose cable subscribers. Something has to give