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Based on Wednesday’s filings to a Texas court, the league has about $48.4 million in liabilities—including about $9.6 million owed to creditors—but only about $11.4 million in assets.
The league will file a Chapter 7 bankruptcy, which is the most common form in the United States, per Rothstein, giving it an opportunity to sell assets to pay creditors.
This article will be updated to provide more information on this story as it becomes available.
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