NEW YORK – The Arena Football League
(AFL) today announced that it has finalized a revitalized business model
that will enable the league to return to competition in time for the
2010 season. Columbus Destroyers co-owner and Chairman of the AFL Executive
Committee Jim Renacci is spearheading the restructuring process, which
should be completed in the next 30 days.
“We are working diligently to ensure
the future viability of the AFL, so the league can return to play next
season,” said Renacci. “A plan was finalized last week that allows
for the resumption of play in 2010, and we will be sharing the details
of that plan with owners over the next two weeks.”
As has been previously reported, the
first part of the process to return the AFL to viability is working
with the AFL Players Association and their advisors to amend the Collective
Bargaining Agreement (CBA). Led by the AFL’s former acting commissioner,
Ed Policy, along with members of the AFL owners’ Policy and Negotiating
Committee (which includes Renacci and Shy Anderson of the Dallas Desperados),
those efforts produced a Term Sheet that was agreed to and signed by
both parties in March 2009.
“The group that developed the new viability
plan is set to meet with owners across the league to review it and the
amendments to the CBA,” said Renacci. “We hope to see everything
ratified in the next 30 days.”
Leading owners are lining up behind the
revitalized business plan, and hope to return to play during the 2010
season.
“The owners of the AFL realize we have
the most fan-friendly, affordable and accessible sport anywhere,”
said Craig Spencer, co-owner of the ArenaBowl champion Philadelphia
Soul. “The process of revamping our business model will ensure that
the AFL continues to provide value to its fans, not only surviving in
the years to come, but thriving. There is still a lot of work to be
done, but I am excited that we are close to bringing this great game
back to the fans.”
