Carolina Hurricanes owner Tom Dundon made a $250 million investment into the upstart Alliance of American Football and will become the league's new chairman.
The Athletic reported that the league was in danger of not making payroll on Friday, before Dundon's investment. AAF co-founder Charlie Ebersol dismissed reports that the league was getting a financial bailout from Dundon.
"This has been an extraordinary undertaking for us," said Ebersol, who less than a year ago partnered with Pro Football Hall of Fame executive Bill Polian to create the AAF. "It's a giant challenge and opportunity, and as a startup you are constantly looking for some peace of mind. When we got out of the first week of games, we saw there was so much interest from investors, and if we had one person who could take care of us for a very long time, that would be great."