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