The Alliance of American Football has filed for bankruptcy after only eight weeks in existence after failing to garner support from the NFL in efforts to become a developmental league. The following statement has been released.
“The AAF is committed to ensuring that our bankruptcy proceeds in an efficient and orderly manner,” the league said in a statement. “Pursuant to the bankruptcy laws, a trustee will be empowered to resolve all matters related to the AAF’s remaining assets and liabilities, including ongoing matters related to player contracts.”
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
The fate of the AAF is interesting as it relates to the upcoming launch and second coming of Vince Mcmahon's XFL next year. It eliminates potential competition and calls into question whether another professional football league can coexist with the NFL in America.