The Alliance of American Football rough year just got worse. The AAF files for bankruptcy.
Read on to get the latest on Alliance of American Football filing for bankruptcy after shutting down operations…
CelebNSports247.com reports that the AAF promised to be a development league to the NFL that could provide football fans with some entertaining games during the offseason.
It appears that football fans didn’t support the Alliance of American Football as they thought, so after just eight weeks, the league completely seized all operations and had to fold.
Now, this has left hundreds of players without jobs and more importantly, without the money they were owed from their contracts. There were reports that some players were even thrown out of hotel rooms and had to pay for their own flights home when news broke that the league was finished.
AAF Files For Bankruptcy Details:
According to a report from ESPN, the AAF filed a petition on Wednesday for Chapter 7 bankruptcy. The league had $11,372,298.68 in assets and $48,366,188.90 in liabilities, with over $9 million of those liabilities being debts owed to creditors.
The AAF said in a statement Wednesday:
We are deeply disappointed to be taking this action. The AAF was created to be a dynamic, developmental professional football league powered by an unprecedented alliance between players, fans and the game. The AAF strove to create new opportunities for talented players, coaches, executives and officials while providing an exciting experience for fans. We are proud of the fact that our teams and players delivered on that goal.
By filing Chapter 7 bankruptcy the league will be able to sell off all of its assets in order to pay off the debts owed.