NHL team owner invests $250M in AAF after report upstart league needed cash injection

Carolina Hurricanes owner Tom Dundon invested $250 million into the Alliance of American Football and became chairman of their board of directors Tuesday after it was reported the upstart league was in desperate need of cash.

The eight-team league was “running short on cash” only two weeks into its first season, The Athletic reported Monday, so much so that it was reportedly in danger of not making payroll after the first week of the season.

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An AAF spokesperson told Fox Business AAF players weren't in danger of getting paid.

Don Waddell, the team’s president and general manager, released a statement on Dundon’s involvement with the AAF.

“This was a terrific opportunity for Tom to expand his investment in the sports world,” Waddell said. “The AAF is off to an exciting start as a league and was founded on some truly unique and groundbreaking concepts.”

FILE - In this May 9, 2018, file photo, Carolina Hurricanes owner and CEO Tom Dundon takes questions during an NHL hockey news conference in Raleigh, N.C

FILE - In this May 9, 2018, file photo, Carolina Hurricanes owner and CEO Tom Dundon takes questions during an NHL hockey news conference in Raleigh, N.C (AP Photo/Gerry Broome, File)

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The AAF has touted high ratings after its first week and former players and coaches like Charles Johnson, Trent Richardson and Steve Spurrier. As its financial issues have become apparent, the league will have to make sure it cannot falter less than a year from the reboot of the XFL.