The AAF has filed for bankruptcy
The Alliance of American Football (AAF) officially filed for bankruptcy Wednesday, according to ESPN.
The AAF suspended operations April 2. It lasted just eight weeks before financial issues forced it to shut down. The move came as a shock to players, many of who were kicked out of their hotel rooms and left to pay their own medical bills.
Wednesday’s filing revealed the league had more than $48 million in liabilities, according to ESPN.
The AAF said it was disappointed to be taking this step.
"We are deeply disappointed to be taking this action," the AAF said in a statement Wednesday. "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."
The league filed for Chapter 7 bankruptcy. That means all its remaining assets will be sold off in order to pay back creditors.
A trustee has been appointed to resolve “ongoing matters related to player contracts.”
Since the league folded, a couple players — including Garrett Gilbert and Keith Reaser — have been signed by NFL teams.
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Chris Cwik is a writer for Yahoo Sports. Have a tip? Email him at christophercwik@yahoo.com or follow him on Twitter! Follow @Chris_Cwik
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