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Reports: Arena league to announce demise
Orlando, FL (Sports Network) - The Arena Football League is reportedly set to announce an indefinite suspension of operations and will declare bankruptcy.
Brett Bouchy, majority owner of the Arizona Rattlers, told the Orlando Sentinel that the league expects to declare bankruptcy, going into Chapter 7 liquidation.
Columbus Destroyers majority partner Jim Renacci told the Columbus Dispatch that owners were unable to reach a consensus on a plan to revive the league. The newspaper says a 75 percent majority among the league's 17 remaining franchises was required to pass any proposal and that a formal announcement is expected within the next day.
Last December, the league suspended operations for the 2009 season, saying it was working on developing a long-term plan to improve its economic model.
The league, which was founded in 1987, has faced trouble as longtime commissioner David Baker resigned in July 2008.
08/04 01:51:58 ET
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