Upstart Pro Football League Backed by Dallas Billionaire Files for Bankruptcy

The Alliance of American Football, the upstart league that abruptly folded midway through its first season, filed for bankruptcy after failing to secure a partnership with the NFL.Legendary Field Exhibitions LLC, the parent of the eight-team league, listed liabilities of $48.4 million and $11.4 million in assets in a Chapter 7 petition on Wednesday in U.S. Bankruptcy Court in San Antonio. The Alliance of American Football said in a separate statement that it has begun a liquidation process."We are deeply disappointed to be taking this action," the league said in the 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."Launched by TV producer Charlie Ebersol and longtime National Football League executive Bill Polian, and later controlled by Dallas billionaire Tom Dundon, the filing comes just two weeks after the league ceased operations, leaving players stranded on the road.  Continue reading...