NEWS
AAF Files For Bankruptcy
The Alliance of American Football (AAF) has officially filed for bankruptcy
15 days after the league formally suspended operations on April 2nd, cutting it’s inaugural season short only 8 weeks in.
Front Office Sports tweeted out the official filings of bankruptcy:
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 league’s creditors who have claims secured by property include MGM Resorts International for $7,000,000, Aramark Sports for $1,831,648 and Silicon Valley Bank for $810,523, according to the documents.
Other parties with unsecured claims include CBS ($5,190,153), CAA ($30,000), Mike Pereira ($60,497.81) and Dean Blandino ($45,000).
Per the report, the following creditors are owed more than $1 million:
MGM Resorts International: $7,000,000
CBS: $5,190,153
swirl | mcgarrybowen: $2,275,602.29
Morgan, Lewis, & Blockius: $2,413,773.57
Aramark Sports: $1,831,648
Arizona State: $1,237,793.82
The AAF issued the following statement on the league filing for bankruptcy, according to Darren Rovell:
AAF statement on league filing for bankruptcy. pic.twitter.com/wXTh2eZmEL
— Darren Rovell (@darrenrovell) April 17, 2019
