The parent of FanDuel Sports Network will soon close its Southport office and lay off over 40 employees.
Main Street Sports Group, which operates FanDuel Sports Network via a licensing agreement with FanDuel, is located at 2960 Post Road in the Southport section of Fairfield.
Meredith Powers, Chief Human Resources Officer for FanDuel Sports Network, sent a notice Friday about the layoffs to the Connecticut Department of Labor and Fairfield First Selectperson Christine Vitale.
A total of 42 positions will be affected, according to the notice, from upper management to analysts, engineers and managers. Employees do not have bumping rights, according to the letter. The terminations are permanent and expected to occur by mid-April.
The notice describes the layoffs as "the first employee separations." The entire facility is closing, and the layoffs include remote positions.
Main Street Sports Group has been under financial duress in recent years. The company, which used to be called Diamond Sports Group, emerged from a Chapter 11 bankruptcy last January. Diamond Sports Group rebranded as Main Streets Sports Group and boasted about coming out with a "deleveraged balance sheet" and "a healthy capital structure," according to a press release. The company said it was "well positioned with valuable professional team rights across the MLB, NBA and NHL, to elevate the fan experience and drive incremental value for its team, league and distribution partners."
Main Street Sports Group reportedly started missing payments to MLB teams last December, the New York Times reported.
Six MLB teams announced their departure from FanDuel Sports Network earlier this month, the New York Times reported. The MLB is taking over the broadcasts.
This article originally published at Parent of FanDuel Sports Network to shut Southport office, lay off employees.