The Alliance of American Football has a new, big-money backer.
Tom Dundon, owner of the NHL’s Carolina Hurricanes, has committed $250 million to the new football league and will be named the chairman of the AAF’s board of directors, the Hurricanes announced Tuesday.
“This was a terrific opportunity for Tom to expand his investment in the sports world,” Hurricanes president and general manager Don Waddell said in a release. “The AAF is off to an exciting start as a league and was founded on some truly unique and groundbreaking concepts.
“Tom is excited about the direction of the Carolina Hurricanes and remains fully committed to this franchise’s current and future success in Raleigh.”
A report Monday by The Athletic said Dundon’s investment came at a critical time for the league, whose teams just completed their second weekend of games. According to the report, the AAF had run short of cash on hand and there was a “good chance” its teams were going to miss payroll last Friday.
The AAF has enjoyed a high-profile rollout in its debut season, securing big television deals and featuring a number of recognizable names, most notably in the coaching ranks. Five of the AAF’s eight head coaches have held the same role for NFL teams, including Mike Martz, Mike Singletary and Steve Spurrier.