BREAKING: NHL's TV Partner Files For $55 Billion in Bankruptcy and It'll Affect 12 NHL Teams

The company called Diamond Sports Group LLC, which runs Sincalirs sports channels, is reportedly $8.6 billion in debt and at total, Sinclair owes $55 billion in sports-media rights, according to Bloomberg. A bankruptcy could put payments to the NBA and NHL at risk. It is being reported that Sinclair will skip a $140 million interest payment due in mid-February, starting a 30-day grace period for the company.

Sinclair has launched a $20 a month subscription service similar to Netflix but the numbers have been disappointing so far.

It is reported that Sinclairs Diamond sports group has about $585 million cash in hand, but owes about $2 billion in fees to teams this year.