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Business Observer Thursday, Feb. 11, 2016 3 years ago

Football league runs after lost $20M

Major League Football remains committed to starting its season in Lakewood Ranch.

Major League Football, a new professional spring football league, expects to move forward with play in east Manatee County this spring, despite an alleged breach of contract regarding a potential $20 million investment.

The league, based in Lakewood Ranch, announced it filed a Form 8-K/A with the Securities and Exchange Commission disclosing that Clairemont Private Investment Group breached its agreement to invest in the league. League officials say they are pursuing legal remedies against Clairemont and Clairemont's Chairman, Robert Queen, Jr.

A company news release states Clairemont's funding was not the sole source of planned capital and it is in active conversations with backup fund managers, investment banking firms and private individuals.

Currently, the league's head coaches and staff are reviewing hundreds of players for inclusion in the final stage of the MLFB Free Agent player draft, which is scheduled to start Feb. 15. After finalizing team rosters, the league will announce starting dates for its upcoming training camp.

MLFB announced its decision to move its headquarters and training camp to Lakewood Ranch in June. The league will be home to 10 teams, with each team bringing 80 players to training camp. Cities in the league, so far, include Orlando, Norfolk, Va., Eugene, Ore., Little Rock, Ark., and Birmingham, Ala., among other non-NFL cities.

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