LOL Oh well. Didn't watch. Tried to tune in for Johnny's first game but he didn't start. Waited . . Is it next series? Next series? Next series? Eventually said
How do you start a league and not even have the money to run it for 50 days? You'd think they'd have secued 1-2 years of funding available to start and at least give it a legit chance.
LOL Johnny Manziel killed his CFL contract on purpose just so he can sign with the AAF only to have it cease operations 2 weeks later.
There was money. This is a business scam. I'm still reading into it but it seems like there was a tech component that involves gambling and the new owner of the league really just wanted that.
He did lose money, but apparently that was known going in. He seems to have swindled these guys by setting up the requirement at the last minute that the NFL needed to make them a feeder league this week or else
He's a Dallas guy who made his initial mark in business by funding at-risk high interest used car loans. So him having questionable business ethics is not a surprise.
He lost 70 mil. Not sure how he swindled these guys. The fact that they couldn't make payroll in week two means Ebersol and Polian had no idea what they were doing. Kind of sounds like the Fyre situation.
This all seems pretty sketchy: http://www.espn.com/espn/story/_/id/26546883/shuttered-aaf-files-chapter-7-bankruptcy Based on the filing of assets and liabilities, the league -- under the limited liability corporation Legendary Field Exhibitions LLC -- had $11,372,298.68 in assets and $48,366,188.90 in liabilities. ... The league, despite millions of dollars invested in it, has $536,160.68 in the bank and only $78,582 in licenses, franchises and royalties. The money was held in three accounts -- $500,000 in a collateral money market account, $36,116.72 in an LLC operating account and $43.96 in an account with the Birmingham Iron name on it. Among the debt is $7 million owed to MGM Resorts International for "security interest in intellectual property."
