The Alliance of American Football has officially filed for chapter seven bankruptcy.
A copy of the filing from Front Office Sports shows just how bad the damage is. In all, the AAF had accumulated more than $48 million in liabilities, including more than $38 million in unsecured claims. That is compared to $11.3 million in assets and just over $500,000 in cash on hand.
BREAKING: @TheAAF has filed for Chapter 7 Bankruptcy.— Front Office Sports (@frntofficesport) April 17, 2019
– In the filings, the league claims assets of $11.3 million and liabilities of $48.3 million.
– According to the documents, the league has $536,160.68 in cash. pic.twitter.com/IsOlGi2yoO
A statement from the league read:
“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.
We thank our players, coaches and employees for their commitment to the game of football and to this venture. Our fans believed in the AAF from the beginning, and we thank them for their support. We are hopeful that our players, coaches and others will find opportunities to pursue their football dreams in the future.”