Arena Football One Announces AFL Asset Bid
November 11, 2009 - Arena Football League (AFL) News Release
TULSA - The League Office of Arena Football One announced today that it has submitted a formal offer to purchase the assets of the Arena Football League (AFL) from the Trustee in the Chapter 11 bankruptcy currently pending in the US Bankruptcy Court in the Northern District of Illinois.
The league is seeking Court approval to become the "stalking horse" bidder for the assets. If approved, the league's bid of $2.5 million for all of the AFL's assets will set the floor price for the auction bidding process, which is current set for Wednesday, November 25, 2009.
"The assets have little or no inherent value unless you are willing to invest the capital necessary to develop and use those assets in an on-going business" said Dan Newman, Chairman of the Board of Directors for Arena Football One, LLC.
AF1 is committed to bringing the excitement of Arena Football to the fans after more than a year absence from AFL markets. The last AFL game played was ArenaBowl XXII in July 2008. In December 2008, the AFL cancelled the 2009 season and then announced an indefinite suspension of operations in August 2009.
"We felt it was essential to play a 2010 Season and we are committed to making that a reality under the Arena Football One banner," said Commissioner Jerry Kurz. "The game of Arena Football will be played in markets across the country and our teams will continue offering fans an immensely-entertaining experience."
Formed in 2009, the Arena Football One League boasts teams from coast to coast and will commence its Inaugural Season in the Spring of 2010.
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