MEMPHIS, TN (WMC) - The Alliance of American Football has filed for Chapter 7 bankruptcy just weeks after folding in the middle of its first season.
As first reported by Front Office Sports, the AAF says it has $48 million in liabilities with only $11.3 million in assets.
The league released this statement following Wednesday’s filing:
"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."
The league is also facing lawsuits filed by former AAF employees and players.