I read a couple of those articles yesterday. It sounds to me like bankruptcy is roughly equally as likely as an immediate sale to the NHL, but I think the league can probably end up paying far less for the assets if they purchase the RSN rights out of bankruptcy. It's a matter of weighing the short term loss of revenues for impacted teams while Sinclair operates in bankruptcy against the lower out of pocket expense up front. At the end of the day, the NHL is almost certainly going to end up with the regional rights and that's going to be a good thing for everyone in the long run. The question is how much cash flow pain the teams will have to endure while the matter is settled.
Dundon ought to love this. It's the ultimate distressed asset acquisition. Sinclair got the RSNs for roughly half their market value in the Disney/Fox fire sale and now the NHL is going to end up with the RSNs for half of that. Sadly this is all a fairly accurate depiction of the league's standing in the sports world. Their regional networks are basically scratch and dent shelf stock, and the only interested party is the league itself. Congrats to Gary Bettman for another triumph.