July 12, 2024

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HUMBL confirms partnership with AFL is over; Blackbears to still use platform

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NEW YORK — HUMBL has officially cut ties with the Arena Football League.

The company held a public mid-year check in call with shareholders on Monday. CEO Brian Foote stated the relationship with the league is over but did not provide more details about the change.

“Please note the AFL was a partner of ours and that’s done,” Foote said. “It was wonderful for us to test arena games in Oregon. We certainly wish the AFL best of luck going forward.”

The Oregon Blackbears, who are currently not part of the league, announced in late May it extended a partnership with HUMBL. However, the press release never acknowledged the AFL.

“We reupped with Oregon that if they go to another league, we look forward to working with them again,” Foote said on Monday’s call. “We have a good relationship with their ownership group and they put HUMBL to the test.”

HUMBL signed on to Arena Football League Management, LLC to launch a digital platform for fans to purchase tickets to games this season. On November 16, 2023, Foote appeared alongside then commissioner Lee Hutton at the New York Stock Exchange to officially announce the partnership.

Though Anthony Rossi of ForceOneCapital, the main financial partner of the current AFL, called out HUMBL on May 25 and ultimately questioned the legitimacy of the deal.

“Deal is dead, and I have issues with anyone trying to take our owners’ ticket sales profits. They output capital and they need and deserve those ticket sales. No profit share deal will ever take place around ticket sales while I own the league. HUMBL is not an [AFL] partner. Never were.” Rossi posted on X.

Part of the deal between HUMBL and the AFLM according to SEC documents, included stock incentives upon the completion of the regular season. It’s unclear at this time if the previous league ownership is still entitled to the shares.

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