The Knicks and Rangers will get “big reductions in their local media rights fees” this season as part of an agreement to help their broadcaster, MSG Networks, “manage substantial debt,” according to Mike Vorkunov of THE ATHLETIC. MSG Networks reached an agreement with its creditors to “refinance more than” $800M in debt that came due last October, which the broadcaster has been “negotiating for the last seven months.” As part of that new contract, it “cut media rights fees” to the Knicks by 28% this season and by 18% to the Rangers, backdated to be effective as of Jan. 1. Both teams will also “no longer receive annual rights fees increases.” The contracts with both clubs will now run through the 2028-29 season,…
Insolvency Guardian
Insolvency Services & Bankruptcy Advice
