Steve Sievert is reporting on his Brawl Sports blog at the Houston Chronicle’s web site that the IFL recently received permission from its existing shareholders to sell addition stock.
According to Sievert:
Shareholders gave the company authorization at its annual meeting late last week to issue an additional 75 million shares of common stock. Rarely do companies sell the entire allotment of stock at one time following shareholder approval, but it’s imperative that the IFL issue a portion of its authorized stock by the end of 2007. The company previously stated that it does not have adequate funds to make it to year’s end. With approximately 21 million shares of original stock still un-issued, the company now has a total of 96 million shares at its disposal.
Sievert also believes that the IFL will be back for another season in 2008:
The bottom line – the IFL will fight on in 2008.
You can read the complete report by clicking here.