Post by Admin on May 25, 2019 0:07:59 GMT
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Vince McMahon’s XFL put in a bid for some of the defunct and bankrupt AAF’s assets, currently located in San Antonio, Texas.
www.expressnews.com/business/local/article/XFL-wants-to-score-bankrupt-football-league-s-13884443.php
XFL wants to score bankrupt football league’s assets stored in San Antonio warehouse
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Patrick Danner May 23, 2019
The new XFL wants to score some football equipment and other assets owned by the defunct Alliance of American Football.
A San Antonio bankruptcy trustee last week filed court papers asking a judge to approve the sale of some of the AAF’s assets to XFL parent company Alpha Entertainment for $375,000. Alpha has already paid a $37,500 deposit.
Among the trove of treasures slated to be sold are 1,000 Riddell, Schutt and Vicis helmets, 300 shoulder pads, 58 metal lockets, tackling dummies and shields, and even hundreds of rolls of athletic tape.
The property is stored in a warehouse on San Antonio’s Northeast Side.
Six AAF-related companies filed for Chapter 7 bankruptcy liquidation last month in San Antonio, about two weeks after the league suddenly folded. One of the companies listed $11.4 million in assets and $48.4 million in liabilities.
On ExpressNews.com: Football league files for liquidation in San Antonio
The latest incarnation of the XFL, meanwhile, launches in February. It’s the second time that XFL founder Vince McMahon — better known as the chairman and CEO of the professional wrestling organization WWE — has launched a football league. The first version of the XFL lasted one season in 2001. It was a joint venture of WWE and NBC.
Alpha, based in Stamford, Conn., didn’t immediately respond to an email.
Bankruptcy trustee Randolph Osherow, who filed the court papers to sell the AAF assets, said he may still get other offers for the property.
“We always hope to get higher offers,” Osherow said. “The problem is, it’s a very small market (of buyers). This is all professional football gear. So it’s probably only going to be sold to someone in the professional football business.
“Colleges have their own way of getting equipment. It has to go through a budgeting process,” he said. “They are really not in the auction-attending business.”
The equipment is for “huge” men, so high schools wouldn’t be interested, either, he said.
Liquidator FLS Auction Inc. had considered selling the equipment via an online auction, but chose a private sale because of the limited number of potential purchasers, Osherow said.
Osherow raved about the helmets, saying they each cost about $800 new based on the information he received.
But, he added, “No 1, they’re not new, and No. 2, they’re branded so that affects their value.”
Patrick Danner is a San Antonio-based staff writer covering banking and civil courts. Read him on our free site, mySA.com, and on our subscriber site, ExpressNews.com. | pdanner@express-news.net | Twitter: @alamopd