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Wranglers File For Bankruptcy; Austin $6 Million In Debt
Topic Started: Saturday Jan 26 2008, 05:37 PM (172 Views)
WeatherManNX01
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The Yanks are coming!

From the Austin American-Statesman:
Quote:
 
The Austin Wranglers football team has filed for bankruptcy protection, citing nearly $6 million in liabilities and its failure to settle a judgment against the team and its flamboyant founder, Greg Feste.

Team President Doug MacGregor said the bankruptcy filing will not affect the team's upcoming 16-game season in Arena Football 2. The Wranglers start the season March 29 at the Erwin Center.

"This will have no impact on our season and on our plans for the future in keeping Arena Football in Austin," said MacGregor, a former Dell Inc. executive who took over as president after the team's ownership group forced out Feste in 2004, shortly after its inaugural season.

To save money, the Wranglers last year moved to AF2, a lower-quality version of the Arena Football League in which it had played.

In its Chapter 7 liquidation filing in Austin on Wednesday, the team said it has assets of $525,726 — mostly equipment, uniforms and electronics. The Wranglers now operate under a separate corporate entity that is making the payments needed to keep the team going, MacGregor said.

Court documents show a team that has burned through millions of dollars since its founding.


Full article.
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