Arena Football League seeks major capital raise
The Arena Football League is in the middle of a major capital raise, Axios has learned.
Why it matters: This comes on the heels of the AFL switching to a single-entity structure, which makes it a more attractive investment opportunity (investing in a league rather than a single team).
Details: The AFL, which has been around since 1987, is currently backed by a group of investors that includes Monumental Sports & Entertainment, the owners of the Washington Wizards and Capitals.
- After years of contraction, the league expanded to two new markets this season: Atlantic City and Columbus (previously had a team from 1999–2008).
Current standings: The top four teams advance to the playoffs, which begin July 26. Each series will be played in a home-and-home format.
- Albany Empire (9-2)
- Philadelphia Soul (7-4)
- Washington Valor (6-5)
- Baltimore Brigade (6-5)
- Atlantic City Blackjacks (4-7)
- Columbus Destroyers (1-10)
What's next: Moving forward, the goal is to add two franchises per year for three years with an emphasis on markets with legal sports betting or pending legislation, sources tell Axios.