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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

FDA limits use of Regeneron and Lilly COVID antibody treatments

A coldbox containing monoclonal antibody treatments at a Regeneron clinic in Pembroke Pines, Florida, in August. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

The FDA said Monday it's limiting the use of two monoclonal antibody therapies as COVID-19 treatments because data indicates they're "highly unlikely" to be effective against the dominant Omicron variant.

Driving the news: The FDA revised the authorizations for Regeneron and Eli Lilly "to limit their use to only when the patient is likely to have been infected with or exposed to a variant that is susceptible to these treatments," per a statement from the agency.

Updated 3 hours ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to actually deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Updated 3 hours ago - Politics & Policy

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

The latest: The president called Doocy Monday evening, the reporter told Fox's Sean Hannity. "He cleared the air and I appreciated it. We had a nice call," Doocy said when asked whether the president apologized, adding: "I don't need anyone to apologize to me."