The AAF (Alliance of American Football) has officially filed for bankruptcy.
The future of the league wasn’t looking good when they recently suspended football operation. Front Office Sports reported on Wednesday that the American Alliance of Football filed for bankruptcy without completing their first season.
BREAKING: @TheAAF has filed for Chapter 7 Bankruptcy.
– 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
— Front Office Sports (@frntofficesport) April 17, 2019
After having a strong showing in the first week, ratings for games started to drop and bottomed out around the 400,000 to 500,000 viewer range. Despite interest from fans and TV networks, the league struggled almost since the beginning in terms of financially as they almost had to shut down back in week 2 but was saved by NHL’s Carolina Panthers, who made a $250 million investment.
A recent lawsuit filing revealed that the original plan for the AAF was to resurrect the XFL name themselves. It all started when the AAF officials had a meeting with WWE Chairman and CEO Vince McMahon and NBC officials to offer them $50 million to buy the XFL property.
McMahon decided to relaunch the league on his own after this meeting due to the belief that there is interest in another football league. The XFL is set to launch in 2020.