TAMPA – Bally Sports Sun’s parent company has reached an agreement with the NHL that will allow the regional sports network to continue broadcasting Lightning games through at least the 2024-25 season.

Diamond Sports Group, operator of the Bally Sports networks, announced its agreements with the NHL and NBA in bankruptcy filings on Friday, clearing the way for the networks to remain regional TV rights holders for 22 NBA and NHL teams.

The deals are the latest progress in Diamond’s efforts to emerge from Chapter 11 bankruptcy proceedings, which have faltered several times over the past year. The deals still need to be approved by a federal bankruptcy judge, with a hearing scheduled for Sept. 3.

The agreements will be extended beyond 2024-25 if Diamond’s plan of reorganization is approved. While it could take several months for a decision to be made, the company is better positioned to survive today than it was a few months ago.

“These new agreements, covering NBA and NHL linear and (direct) rights, are another important milestone and continue Diamond’s evolution. They enable us to create value for our NBA and NHL partners and continue to serve engaged local NBA, NHL and MLB fans,” Diamond CEO David Preschlack said in a statement.

“Having completed negotiations with key partners that provide us with certainty around our content and distribution, Diamond is well positioned for the future. With the support of our creditors, we are focused on finalizing our reorganization plan to support our new formation and presenting that plan to the court in due course.”

The Lightning are one of nine NHL teams that remain under the Bally Sports umbrella, along with the Hurricanes, Wild, Blue Jackets, Predators, Ducks, Red Wings, Blues and Kings. The Stanley Cup champions Panthers cut their ties with Bally last month and moved to Scripps Sports. The Stars have opted out of their contract and are now planning their own streaming service.

The new agreement is likely to reduce the licensing fees paid to the teams, but no further details are provided in the court documents.

Diamond filed for Chapter 11 bankruptcy in September 2023. The company’s reorganization hearing has been postponed twice, most recently late last month, to allow time to resolve a dispute with Comcast over carriage fees and return the Bally networks to the cable TV giant. Carriage fees are fees cable companies pay to networks so they can carry them.

Lightning fans have been frustrated in recent years by Bally’s disappearance from local cable TV and streaming providers, as well as the high costs and glitches of the network’s direct-to-consumer app.

This week’s deals do not affect the Rays’ future at Bally Sports Sun, but serve as an important foundation for Diamond’s future plan. Major League Baseball teams currently under contract with Bally will remain so through the end of the 2024 season.

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