The AAF is starting to look a lot like the Fyre Festival disaster.
This afternoon the AAF filed for chapter 7 bankruptcy, revealing that they had $11.3 million in claimed assets and #48 million in liabilities.
The AAF would later release a statement on the bankruptcy filing.
“We are deeply disappointed to be taking this action,” the league said in a statement. “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 AAF is committed to ensuring that our bankruptcy proceeds in an efficient and orderly manner. Pursuant to the bankruptcy laws, a trustee will be empowered to resolve all matters related to the AAF’s remaining assets and liabilities, including ongoing matters related to player contracts.”
Despite owing a shit ton of money to over a thousand creditors, the AAF somehow still had funds to pay co-founder Charlie Ebersol $14k just two days ago.
Ebersol’s payment is a slap in the face to many players and creditors who were not paid due to the league folding abruptly.