Arena Football League
From Invertopedia, the encyclopedia of how things fail
The Arena Football League launched in 1987 and played 22 seasons before canceling its 2009 season[1]. In August 2009 it said it was suspending operations indefinitely, and a group saying it was owed almost $300,000 moved to force the league into bankruptcy[2]. It relaunched in 2010[1]. On November 27, 2019, it announced it had filed Chapter 7 and was ceasing operations[1].
What happened
| 1987 | The league launches.[1] |
|---|---|
| Dec 2008 | The league cancels its 2009 season, hoping to resume in 2010.[2] |
| Aug 4, 2009 | It says it is suspending operations indefinitely. A group saying it is owed almost $300,000 moves to force the league into bankruptcy.[2] |
| 2010 | The league relaunches.[1] |
| Nov 27, 2019 | The league files Chapter 7 and ceases operations.[1][3] |
The kill shot
Commissioner Randall Boe said the league could not raise the capital to grow it, or to resolve its substantial legacy liabilities and make it financially viable.
The league had suspended local business operations in October 2019 and closed all six teams before the filing[1][3]. CBS Sports noted it had struggled to build up capital over the past few decades[3].
The inversion
A relaunch that carries the old debts forward is the same company with a shorter runway.
References
- ^ “Arena Football League Shuts Down, Files for Bankruptcy After 3 Decades”. NBC Boston, November 27, 2019. 1987 launch, 2009 cancellation, 2010 relaunch, 2019 Chapter 7 and Boe statement.
- ^ “Group trying to force Arena Football into bankruptcy”. Chicago Tribune, August 11, 2009. 2009 suspension, canceled season, involuntary petition and the amounts owed.
- ^ “Arena Football League files for Chapter 7 bankruptcy, ceasing operations”. CBS Sports, 2019. Chapter 7 filing, struggles since 2010, closure of all six teams.