We were extremely worried for our players being drafted in last month’s MLFB draft, because the funds from one of their lenders did not come through, but today according to Yahoo Finance, the MLFB is back in business. The Major League Football League that is expected to kick off very soon, landed a monstrous deal worth upwards to 120 million dollars from Asian Global Capital, Ltd. This is great news for all the football players drafted in the MLFB’s first ever draft.
Major League Football, Inc. (MLFB) (“MLFB”, the “League” or the “Company”), a new, professional spring-football league scheduled to kick off in 2016, today announced receipt of a Letter of Intent from Asian Global Capital, Ltd to enter into a funding agreement with MLB to provide MLFB with operating capital.
The funding agreement is expected to include a $20 million equity purchase of MLFB common stock, a $100,000,000 line of credit, and a right of first refusal to purchase a future MLFB franchise in Orlando, Florida, should one become available. Based on MLFB’s current business model, it has outlined future plans to sell off turnkey franchises to prospective franchise owners from its current, single-entity, league-ownership structure in its first two years of operations. Franchise sales of the League’s teams are scheduled to open to public bidding in 2018. The funding is subject to the negotiation and execution of definitive agreements reflecting the provisions of the Letter of Intent, including customary representations, warranties and covenants of the parties and other terms and conditions appropriate to transactions of this nature. The final terms of the funding agreement have not yet been determined.
“We have not slowed down our efforts to finance our league and enable 2016 spring football play for the 100’s of athletes drafted last week, their coaches, trainers, and the 1000’s of jobs we plan to enable in the cities in which we are fortunate to be hosted,” said Wes Chandler, President of Major League Football. “The speed at which we received this replacement financing offer, and the work of Ty Williams of Level 5 Global Corporation, who connected us to AGIT was exemplary.”
Washington, D.C.-based Level 5 Global Corporation provided advisory services to Major League Football to evaluate and qualify investment firms and funds to finance Major League Football. Mr. Ty Williams, Level 5 Global’s CEO added, “The short-term void left after MLFB disengaged from its previous firm was the opportunity we and our clients were eager and ready to assume. We believe in MLFB’s vision and are impressed with the organization they have in place. We feel that Asian Global Capital, Ltd. provides an excellent fit as MLFB’s financier. Asian Global Capital, Ltd is a recognized international investment firm with which we have been doing business with for some time. In a series of MLFB conference calls hosted by Level 5 Global, Asian Global Capital, quickly recognized the investment opportunity and the growth MLFB can provide to it.”