Reports: Arena Football Calling It Quits

The Arena Football League is on the verge of calling it quits, according to an announcement – through Facebook.

Numerous publications have confirmed a statement by Jim Borghesi, the president of the Tampa Bay AFL franchise, that he posted on the social networking site: “The AFL will be having a press conference to announce that the league will not be returning.”

Brett Bouchy, majority owner of the AFL Arizona Rattlers franchise, confirmed to the Orlando Sentinel that the league is preparing to suspend operations indefinitely.

Bouchy added that he expects the league to declare bankruptcy followed by Chapter 7 liquidation.

“It’s just unfortunate we’re in this situation,” Bouchy told Sentinel. “Everyone knows myself and Arizona fought hard to avoid this day. The league was divided into two groups and factions. You had one group of committed owners who contributed capital and willing to do whatever it took to bring the league back in 2010. I have been in that group the entire time. Then there was another group that just wasn’t willing to make the investment. We could never get a consensus.”

The 23-year-old AFL has been hemorrhaging cash and in December suspended play for 2009. The announcement came, though, with the positive message that the league would get itself in financial order and return, although the league’s strongest team franchises in New Orleans and Los Angeles were already dissolved.

The demise would include some bad news for Bon Jovi fans. Jon Bon Jovi, who co-owns the championship team Philadelphia Soul, promised to celebrate the achievement with a concert. That concert is obviously in peril, according to the Philadelphia Daily News.