Feb. 19 (UPI) -- Carolina Hurricanes owner Tom Dundon will take over as the chairman of the Alliance of American Football after investing $250 million in the upstart league, the AAF and Hurricanes announced Tuesday.
Dundon's large investment comes two weeks into the league's inaugural season. Sources told The Athletic that the AAF was in danger of not making payroll Friday. AAF co-founder Charlie Ebersol refuted the reports that the league needed a bailout from Dundon.
"Since the beginning, it has been crucial that the foundation of The Alliance be set with world-class partners and Tom Dundon represents just that," Ebersol said. "Tom, Bill Polian, and I will work with our great team at The Alliance to expand our football operations and technology business. Tom is a self-made American success story who brings a wealth of knowledge in the sports, entertainment and finance worlds and proven leadership to our organization."
The 47-year-old Hurricanes owner is co-founder of Trinity Forest Golf Club in Dallas and primary investor in sports entertainment company, Topgolf. He is also the majority owner of Employer Direct Healthcare.
Dundon's role with the Hurricanes remains unchanged.
"This was a terrific opportunity for Tom to expand his investment in the sports world," Hurricanes president and general manager Don Waddell said in a statement. "The AAF is off to an exciting start as a league and was founded on some truly unique and groundbreaking concepts.
"Tom is excited about the direction of the Carolina Hurricanes and remains fully committed to this franchise's current and future success in Raleigh."
The AAF debuted Feb. 9 and was the top-rated sports program in prime time across its broadcasts on the NFL Network and CBS. The league consists of eight teams competing in a 10-week regular season. The AAF's championship game is April 27.