American Football Alliance not quite a party yet – Sports Talk Florida
There is a struggle for money.
In April 2019, the end of the American Football Alliance came with the scoreboard showing Chapter 7. For those who don’t know what Chapter 7 is, the explanation is pretty straightforward. You have filed for bankruptcy and filed the notice with a court. The next step is the court’s appointment of a trustee to look at your assets and what your creditors want. The trustee will figure out how to sell these assets, such as player contracts. The AAF leadership signed a group of players with longer-term contracts and decided that a few could go to the National Football League but not the Canadian Football League. Apparently the player contracts, and not the actual humans who played in the AAF, were salable assets. The history of the AAF is not yet over. There is money around the failed business and one of the company’s investors, Tom Dundon wants some of his money back and his lawyer argues in court that Dundon and not the players should be the first to get what little money is left. in a bank account linked to the AAF. Chapters 1 to 6 of the AAF book will eventually be written and used in university sports business management courses.
The AAF issued a statement in April 2019. âWe are deeply disappointed to take this step. The AAF is committed to ensuring that our bankruptcy proceeds in an efficient and orderly manner. In accordance with bankruptcy laws, a trustee will be empowered to resolve all matters relating to the remaining assets and liabilities of the AAF, including pending matters relating to player contracts. This does not happen. Dundon was supposed to be the angel investor who would put the AAF on the road to survive, now he wants the money back.
Evan Weiner’s books are available on iTunes – https://books.apple.com/us/author/evan-weiner/id595575191