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Photo: Illustration: Rebecca Zisser/Axios

The Alliance of American Football, which suspended operations earlier this month, filed a petition for bankruptcy yesterday.

Why it matters: Based on the filing, the league had roughly $11.4 million in assets and $48.4 million in liabilities. Those liabilities include roughly $9.6 million in money owed to creditors.

  • In other words, it's going to take months for players, coaches, staff and other creditors to be paid what they're owed — and many of them will likely never get that money.

What they're saying: League co-founder Charlie Ebersol who, according to the filing, paid himself over $300,000 since May 15, 2018 (way too much!), broke his silence late last night in an interview with Sports Business Journal's John Ourand.

"I know everyone has conspiracy theories. But, unfortunately, this may have just died because the main investor and the founders had different visions of what the company was supposed to be. …. Our long-term vision for building something slowly and getting enterprise value was not aligned with [Tom Dundon's] vision of how he saw the league."
— AAF co-founder Charlie Ebersol

The bottom line: This story is far from over and will continue to evolve as more information comes out, but one thing is already abundantly clear: The AAF launched too soon. They rushed it.

  • The irony in that, as my colleague Dan Primack astutely pointed out to me, is that the primary takeaway from the "30 for 30" documentary about the XFL — which Ebersol, himself, directed — is that the XFL launched too soon.
  • It's incredible that he appears to have made the same mistake, especially when Vince McMahon learned his lesson and is taking things much slower with the XFL relaunch.

Go deeper

Updated 4 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden has arrived at the White House and he will sign executive orders and other presidential actions.

32 mins ago - Podcasts

Podcast: After the Biden inaugural

Joe Biden was sworn in today as America's 46th president in an inauguration unlike any other in modern history.

Axios Re:Cap goes deeper into the speech, the atmosphere and what it all tells us about the incoming administration, with Axios political reporters Hans Nichols and Alexi McCammond.

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.