The AFL was forced to suspend operations in search of a more profitable business model due to large debts. It played 22 seasons from 1987 to 2008.
The league is seeking Court approval to become the "stalking horse" bidder for the assets. If approved, the league's bid of $2.5 million for all of the AFL's assets will set the floor price for the auction bidding process, which is currently set for November 25.
"The assets have little or no inherent value unless you are willing to invest the capital necessary to develop and use those assets in an on-going business" said Dan Newman, Chairman of the Board of Directors for AF1.
Formed in 2009, the coast-to-coast AF1 League will commence its inaugural season in the spring of 2010.
