Message from MLFB CEO Frank Murtha
For the last year since we closed training camp in Mobile, we have worked with one goal – to play a season in 2023. Since then, both of our $2.5 million stock equity purchase agreements were approved by the SEC, and we have had multiple broadcast conversations Despite interest from two major players in the broadcast space, as well as other positive announcements, our stock has continued to underperform, barely moving off its lows since camp closed. This greatly influences the dollar value of the transactions we execute through our Stock Equity Purchase Agreements.
In addition, several HNW individuals, as well as funds, are interested in participating with investments to satisfy the $12-15M cost of a 4-team season. The share price makes it difficult to raise that amount with our current common share structure. We have sold some shares under the Stock Equity agreements for key expenses such as warehouse rent for our equipment, accounting and legal fees, and necessary travel. While all these investors remain interested, we have to conform our share and equity structure while protecting existing shareholders as much as possible, to deploy that size investment.
Current events and plans going forward: Our previously announced discussions about a joint venture with a California group to form substantially “fan owned” franchises remain active. This group consists of multiple partners from one of the largest law firms in the world, as well as individuals who have owned or been in the business of professional football. Current plans are that MLFB and Fan Ownership would form a fully funded joint venture in 2024.
While we originally planned to have 4 teams participating in a regular season, we cannot execute that plan in 2023 due to capital constraints. We are working on alternate plans and football activities for the late Fall of 2023. Stay tuned for more details.
Our coaches from last year remain in place, the management team continues to work salary free, and our media platforms are activated and will begin carrying more content soon. These next few weeks will be hectic, we appreciate all the support our shareholders continue to provide. Updates going forward will be more regular.
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