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, Texas. 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."