Report: Platinum Deal Dead, Several Teams Could Fold
Adam Markowitz
Friday December 5, 2008
ArenaFan.com has learned that a proposed deal which would have sold a large percentage of the League to Platinum Equity, LLC has fallen through. The proposed plan called for Platinum to use a single-entity ownership structure. A member of the Arena Football League Players Association (AFLPA) told ArenaFan, “(Platinum) looked into the books and found out the numbers… They kind of shied away from it. We are hearing that they are not on board anymore.”
ArenaFan contacted Mark Barnhill, Principal of Platinum Equity, LLC, but he would not comment on the situation, citing that it is company policy to not discuss potential business transactions.
The member of the AFLPA also told ArenaFan, “We heard that some teams will be leaving.” Unnamed sources close to the situation have reported to ArenaFan that the Colorado Crush are the most likely team to fold in the days to come.
“The Crush are still in business… [We] are planning to move forward with the 2009 season,” said Crush Public Relations Director, Jeff Graham.
Multiple sources have also reported that the Orlando Predators may be amongst the teams folding this season.
“The Predators are preparing for the 2009 season as planned,” said Orlando Predators Director of Media Relations, Jason Lucas when asked to confirm the reports.
The Georgia Force, Columbus Destroyers, Kansas City Brigade, and Dallas Desperados are also reportedly considering folding.
The AFLPA has held meetings in the past 24 hours to discuss whether the players would accept a lower salary cap to help ease the pain for some of the struggling franchises that may be on the verge of folding. A member of the AFLPA confirmed that the players will accept a lower salary cap number said to be a reduction by approximately 25%. The players reportedly remain optimistic about the chances of having a season in 2009 in spite of earlier reports in the Columbus Dispatch that the League could cease operations before starting the 2009 season.
“If the League does cease operations, my plan was to play in Arena 2. I don’t want to play in the CFL,” said Grand Rapids Rampage DB Ahmad Hawkins.
Executive Vice President of Communications, Chris McCloskey told ArenaFan in an email, “The AFL is preparing for the 2009 season with all 16 teams.”
ArenaFan will update the news as it transpires.
Adam Markowitz is a freelance sports writer living just outside of Orlando, FL. As a Florida State graduate with degrees in music and history, the garnet and gold will forever be a part of him, but he bleeds the black and red of the Orlando Predators like none other. Adam (aka Andrew Ryan) has had his works published at a number of sports outlets, including Sports Prescription, Fanway, Eye on Gambling, and several other gambling related websites and sportsbooks. The 2010 season will be his fourth covering at ArenaFan.
