Fledgling Major League Football has plans to raise $5M "by the end of the month" and another $10M by January, according to Katy Bergen of the Sarasota HERALD-TRIBUNE. An SEC filing shows that Texas-based Clairemont Private Investment Group "has tentatively agreed" to give the fledgling league $15M "in exchange for stock." Clairemont also wants the "opportunity to buy a franchise in Missouri City, Texas, where it is based." The funding "would be a boon" for Major League Football, which had a capital deficit of $1.4M and "roughly $29,000 in cash" as of April 30. The company has stated that it would need $35M by this month or next month "to launch by spring 2016, as planned." Major League Football has "billed itself as a single-entity model." However, Major League Football VP/Finance Michael Queen said that league officials in the long-term "would likely let teams operate independently." Queen said of Clairemont, "They didn't just want an investment in Major League Football, they wanted the ability to buy a franchise, which we would sell to them at whatever the appraised value is." Bergen notes the league has tentatively announced teams for Akron, Birmingham, Eugene, Little Rock, Norfolk, Oklahoma City and Orlando (Sarasota HERALD-TRIBUNE, 9/9).
