Whoever wrote this press release gets the positive spin award. It's obvious the All American Football League is dead before it ever gets started.
You'll remember the AAFL was going to debut in April at various stadiums, mostly in the Southeast. It had the unique (I guess) twist of employing only college grads. Hey, who didn't want to see Shane Matthews again at The Swamp? Apparently, a lot of people.
Don't believe the second paragraph of the release that blames the downturn in the "subprime mortgage crisis." Well, it could be that or it could be that the Florida franchise had sold less than 3,000 season tickets.
I've got a better chance of starting at shortstop for the Yankees than the AAFL has of landing a TV contract.
The joke of this league was that it was being run in their retirement afterlives by former august educators like Cedric Dempsey (NCAA executive director) and Charles Young (UCLA president). Hey, anything for a buck right?
Anyway, save all those AAFL souvenirs. They'll be worth something someday.
The press release that moved on Thursday ...
ALL AMERICAN FOOTBALL LEAGUE® LOOKING FOR NEW MAJORITY OWNER
In an attempt to secure kickoff of its inaugural season as well as its long-term future and success, the All American Football League has begun discussions to explore multiple financing options.
Since inception, the League's finances have been indirectly tied to the $300 billion federally guaranteed student loan asset backed securities market. In August, the subprime mortgage crisis began spreading into other sectors such as municipal bonds and federally guaranteed student loans. The situation, which was considered to be temporary at the time, has continued to worsen.
Despite the fact that the Federal Reserve has repeatedly lowered interest rates during this financial crisis, their efforts have not yet restored liquidity in many asset backed markets, including municipal bonds and student loans.
The League held its inaugural draft in January, and the team rosters and staffs are all in place. All teams are scheduled to open training camp Wednesday if liquidity can be immediately restored.
Every effort is being made to insure that the '08 season will be played as planned, but this depends upon a locating new majority owner with the needed liquidity, which in turn depends upon the League being able to finalize a TV deal. Otherwise, the inaugural season will be postponed to '09.