The Alliance of American Football has filed for Chapter 7 bankruptcy after the league folded, the league announced in a statement Tuesday. 

"We are deeply disappointed to be taking this action. The AAF was created to be a dynamic, developmental professional football league powered by an unprecedented alliance between players, fans and the game. The AAF strove to create new opportunities for talented players, coaches, executives and officials while providing an exciting experience for fans. We are proud of the fact that our teams and players delivered on that goal.

"We thank our players, coaches and employees for their commitment to the game of football and to this venture. Our fans believed in the AAF from the beginning, and we thank them for their support. We are hopeful that our players, coaches and others will find opportunities to pursue their football dreams in the future."

Front Office Sports first reported the news. According to Front Office Sports, the league claims assets of $11.3 million and liabilities of $48.3 million. The AAF has $536,160.68 in cash. Chapter 7 bankruptcy means the league will begin to sell of all of its assests. Creditors MGM Resorts International, Aramark Sports and Silicon Valley Bank have claims secured by the property.

The AAF said April 2 that it was canceling the rest of its first season and immediately suspending operations. Co-founder Bill Polian released a statement saying he was disappointed in the decision majority owner Tom Dundon to shutter the league.

Former AAF employees and AAF players have filed lawsuits against the league.

While the AAF reportedly won’t allow its former players to play in the Canadian Football League, the league authorized its players to sign with NFL teams.