Major League Football (MLFB) released its annually 10-K filing on Thursday, outlining all things financial – good and bad – plus updates on the league’s push to hit the field. Per the report, the league has decided to shut the door on a 2021 summer Demo season, and make the push for hitting the field in 2022.
The release cites easing of COVID-19 restrictions being too late in the year to be able to put a quality product out for the fans, which has been a focus for the MLFB.
“Management and our Board of Directors believe that the cost/ reward ratio and time challenges dictated that we allocate those resources to our planned 2022 football season.“
The release also mentions the league has secured a line of credit in the amount of $1,000,000. This is key because the league plans to operate under the mark of $30M. Mostly because of the pitfalls of trying to put out a high-priced product – especially in year 1 can be a killer, even for leagues who display good football.
The plan for 2021 was always for a small, demo season with 4 teams to play 3 games each. Since that has been scrapped, the league will begin its path to a full 8-team season for 2022.
CEO Frank Murtha says the league will be hiring coaches and executives soon, as part of the grants and allocations they have received have already been earmarked for that purpose:
“A portion of those grant shares we approved are allocated for the hiring of a former high ranking NFL executive and we set the warrant price at 7 cents for a reason..no executive would exercise them without the belief that the stock will reach and exceed 7 cents. We expect to be releasing the names of the hires who received the shares soon.”
It’s not often that we see transparency like this from a league. And while nothing in this world is certain, it appears they are intent on playing as soon as it comes together.
The league began this path in 2014, but has yet to play. Since then, management changes have occurred, and the focus of the league has shifted. They seem to be dead set on being fully prepared before hitting the field.
“We believe that the planned spring 2022 football season will allow us to put an economically sustainable league and product on the field and one in which our shareholders can be proud for years.”
The idea is for 8 cities in Ohio, Virginia, Alabama, Arkansas, Texas, and Florida. Venues have been contacted, and leases have been negotiated, per the report.
They will be a single-entity, similar to how the XFL was, owning all of the teams at least to start. This way, funding will be secured by the league, and each team will get the same amount.
“MLFB intends to establish a brand that is fan-friendly, exciting, affordable, and interactive, but most importantly provides consumers real value for their sports dollars. MLFB will underscore the fans’ access to team members, coaches, league officials and other fans. Although MLFB’s ticket pricing will be a fraction of that of the established professional leagues (NBA, MLB, NHL, and NFL), its ultimate goal will be to offer its fans an incomparable value-added experience for their entertainment dollar.“
The announcement of the USFL in 2022 has also changed some things for the league. And we know the XFL doesn’t plan to play until 2023.
The hope was to play this year, and 2022 is still a ways away. For now, the focus is on the ramp up for next year, and while these things are fragile, we hope to see them on the field come next spring.
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