Bad news for people who like bizzaro football, the Arena Football League is closing down for 2009, says the Kansas City Star. The league has been pressed for cash and its attempt to extract $100 million from a private equity group in October in exchange for a 40% stake in the company didn’t work out.
Under that deal, the league would have been restructured. The AFL is presently a bunch of teams owned by a bunch of different people. For instance the Philadelphia Soul are owned by Ron Jaworski and Jon Bon Jovi. The PE group wanted to centralize the league so all the teams we owned by one group.
Now that the deal has fallen through, the league will look at other options for creating a better financial structure, with the aim of becoming profitable. Seems like a reasonable goal to us. See you guys in 2010.
Hat Tip: Blogging Stocks