TV Azteca Bankruptcy Spreads to 5 Units in Mexico, Including Its Casino Arm
MEXICO · BUSINESS
Key Facts
- —What happened Five TV Azteca subsidiaries, including online-casino permit holder Ganador Azteca, sought concurso mercantil on 18 September 2026.
- —Which court On 24 September a Mexico City judge passed the cases to the judge handling TV Azteca’s own case.
- —Why it matters Mexico’s gaming rules extinguish a permit once its holder is formally declared in concurso mercantil.
- —The catch Bet365 and Betano in Mexico have been suspended since November 2025, and the permit could now be extinguished.
- —The numbers Ganador Azteca’s accumulated losses reached 1,020 million pesos (about US$58 million) by end-2024, above its share capital.
- —The parent TV Azteca itself owes almost 24 billion pesos (about US$1.4 billion) and is negotiating with creditors under court supervision.
TV Azteca’s court-supervised restructuring now reaches the company that holds the Bet365 and Betano gaming permit in Mexico.
TV Azteca’s financial troubles are spreading through its group in Mexico. Five subsidiaries of the broadcaster, including the company that holds its online-casino permit, have asked a court for protection from creditors.
They filed voluntary concurso mercantil petitions, Mexico’s court-supervised insolvency process, on 18 September. Agencia Reforma reported the filings on Thursday 24 September.
Which TV Azteca Companies Filed
The five are Ganador Azteca, Operadora Ganador TV Azteca, Servicios y Mantenimiento del Futuro en Televisión, Lasimex and Inmobiliaria Roca del Pedregal. All cited insolvency.
Judge Ruth Huerta of the Second Insolvency Court declared on 24 September that the cases were outside her jurisdiction. She sent them to Judge Tessy del Rocío Covarrubias, who declared TV Azteca itself in concurso mercantil in July.
Ganador Azteca holds the federal gaming permit, granted in 2018, under which bet365.mx and betano.mx operated. Operadora Ganador TV Azteca has been linked to Betano, according to El Imparcial.
Ganador Azteca is the first gaming-permit holder to seek concurso mercantil since at least 2010, Reforma noted. Back then, Entretenimiento de México went through an involuntary case and emerged with a restructuring in 2012.
What It Means for Bet365 and Betano Users
Both sites have been largely out of action since November 2025, when the Interior Ministry suspended the permit. They were still suspended in July, Los Reporteros reported.
The insolvency filings add a second risk. Mexico’s gaming regulations extinguish a permit once its holder is declared in concurso mercantil.
That would happen only when Judge Covarrubias rules on Ganador Azteca’s insolvency. No such ruling had been reported by Friday 25 September.
Customer money is part of the picture. At the end of 2024, Ganador Azteca owed players 245 million pesos (about US$13.9 million) in deposits, Reforma reported.
Reforma described these as balances that can only be withdrawn once players reach certain minimum betting amounts. The item grew 42% between 2023 and 2024.
If you hold a balance on either platform, keep records of your account and transactions. In a concurso mercantil the court ranks creditors’ claims, so paperwork matters.
A Casino Arm That Was Already Losing Money
Reforma’s review of financial statements shows that Ganador Azteca, which has no physical casinos, relied on loans from a sister company. Servicios y Mantenimiento del Futuro en Televisión lent it 1,004 million pesos (about US$57 million) in 2023.
It lent a further 1,591 million pesos (about US$90 million) in 2024. By the end of that year, Ganador Azteca still owed it 779 million pesos (about US$44 million).
Accumulated losses reached 1,020 million pesos (about US$58 million), more than its share capital. The auditor Grant Thornton warned of “a material uncertainty” about its ability to continue as a going concern.
Sales rose 68% in 2024 to 2,688 million pesos (about US$152 million), with a small net profit. But the company lost 269 million pesos (about US$15 million) in the first half of 2025.
At the start of 2025 it also owed royalties of 294.7 million pesos (about US$16.7 million). The creditor was Hillside, the British group that licenses the Bet365 brand.
The Dispute With the Government
In November 2025, the Interior Ministry suspended Ganador Azteca’s permits to run Bet365 and Betano over suspected money laundering. The company categorically rejected the allegations.
Two federal judges have since ruled the suspension unlawful. Those rulings still await confirmation by higher collegiate courts.
Where TV Azteca’s Own Case Stands
TV Azteca asked for concurso mercantil in March 2026 and was formally declared in the procedure in July. It faces debts of almost 24 billion pesos (about US$1.4 billion).
The case is in a conciliation stage, in which the company negotiates with creditors. On 18 September TV Azteca said the conciliator had filed a provisional list of creditors and that its operations continue normally.
On Wednesday 16 September, it asked a New York bankruptcy court to recognise the Mexican case under Chapter 15. The aim is to stop creditors pursuing it separately in the United States.
According to Índice Político, the petition says TV Azteca needs protection from creditors trying to recover money outside the Mexican case. Judge Lisa Beckerman is handling it.
Creditors outside Grupo Salinas include Turkish producer Acun Medya, owed 556 million pesos (about US$31.5 million), Índice Político reported. Rival broadcaster Televisa is owed 185 million pesos (about US$10.5 million).
The biggest fight is with holders of US$400 million in notes issued in 2017, on which TV Azteca stopped paying in 2021. Mexican press reports put the claim, with interest, at about US$630 million.
In March, the court declined to extend TV Azteca’s protection to its subsidiaries, several of which guarantee those notes. Each would need its own filing to get that protection.
Why It Matters
The filings widen a restructuring that already touches one of Mexico’s two big national broadcasters. Bondholders argue some assets sit beyond their reach.
They point to broadcast concessions held by TV Azteca III, a unit that is not part of the case.
TV Azteca says its operations continue normally. For bettors and creditors, the key moment is any ruling on Ganador Azteca’s insolvency.
No public comment from TV Azteca on the five new filings had been reported by Friday.
What Comes Next
Judge Covarrubias must decide whether to declare the five subsidiaries in concurso mercantil. The New York court’s decision on Chapter 15 recognition is the other date to watch.
Sources: Reforma via Vanguardia, five subsidiaries file, 24 September 2026; El Imparcial, Ganador Azteca and its gaming permit, 24 September 2026; Proceso, TV Azteca’s Chapter 15 petition, 16 September 2026; Índice Político, TV Azteca’s New York petition and creditors, 17 September 2026; Los Reporteros, bet365.mx and betano.mx still suspended, 6 July 2026; El CEO, TV Azteca statement on its creditor list, 18 September 2026. Exchange rate: mid-market rate of 25 September 2026 (open.er-api.com), 17.67 pesos per US dollar.
Frequently Asked Questions
What is a concurso mercantil?
It is Mexico’s court-supervised insolvency process, broadly similar to Chapter 11 in the United States. Once a judge declares it, a conciliation stage follows to reach a deal with creditors, and bankruptcy can follow if that fails.
Which TV Azteca subsidiaries filed?
Ganador Azteca, Operadora Ganador TV Azteca, Servicios y Mantenimiento del Futuro en Televisión, Lasimex and Inmobiliaria Roca del Pedregal. They filed on 18 September 2026.
Are Bet365 and Betano working in Mexico?
Both sites have been suspended since the Interior Ministry acted against Ganador Azteca’s permit in November 2025. Two court rulings against that move are under appeal, and a concurso declaration would extinguish the permit.
How much does TV Azteca owe?
The parent company faces debts of almost 24 billion pesos (about US$1.4 billion). Its biggest dispute is over US$400 million in notes issued in 2017, on which it stopped paying in 2021.
Connected Coverage
- TV Azteca Bankruptcy: Mexico Court Declares Broadcaster Insolvent
- Mexican TV Azteca Faces US$400M US Debt Lawsuit
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