The long battle in Victoria for financial stability appears to be over. Rumours coming out of the Panthers camp is that they are headed for bankruptcy.
Borrowing heavily has caught up with them, attendances have been down for the last five years- something that hasn’t helped the cashflow in Victoria.
Players had reported that they had not all received their wages for the past few weeks, which is where the rumours started from. USN Insiders announced the story on Monday morning.
What does Bankruptcy do for the team’s status?
Teams are not allowed to be in the red. If this is temporary, with the team proving to have have a cohesive plan for staying afloat, they can be given temporary reprieve.
If there is no prospect of the money coming- new investment, etc. The league may temporarily take over the team, who will be barred form the playoffs. The league office will then decide whether to pull the license from the team. If that happens, Victoria Panthers can still exist (if they survive the bankruptcy) but not in the PFL.
Worrying times in the Panthers camp. They should be guaranteed to last for 2016-17 season, at the very least.
What happens to the players?
The players, if not paid for two months, can cancel their contracts and become free agents. They would be free to sign with any other team. If they have been paid, they will enter a reallocation draft- if the team does not survive.
The Professional Football League of Eboria 