The defunct Alliance of American Football has filed for bankruptcy, NBCSports.com reported. The chapter 7 filing lists more than $11 million in assets, and more than $48 million in liabilities. The league also has $536,160.68 in cash. The assets undoubtedly include football equipment that could be auctioned, including official helmets and jerseys. Based on the league’s refusal to release players from their contracts for possible employment by the CFL, the AAF likely has attached a value to those contracts, treating them as among the total assets.
