idioms - "Take your ball and go home" - meaning of this odd phrase?


On a business website regarding the takeover of a radio station, I noticed this unusual phrase:



Can't really see Orion Media changing Gold much, unless Global take their ball home and say that if you don't want Heart you can't have Gold and take away the licensing deal.



What exactly does "take your ball and go home" mean? Is it a sporting metaphor?


Is it a good phrase to use in writing (that is, informal writing), or not?




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