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The Alliance of American Football league is ceasing all football operations today, according to reports.Sports business reporter Darren Rovell reported this on Twitter just before noon:"Sources: The AAF will suspend all football operations today. New owner Tom Dundon will lose approximately $70 million on his investment. Dundon makes decision against wishes of league co-founders Charlie Ebersol and Bill Polian."The Birmingham Iron were in the middle of preparing for a playoff game."Last night, a source told PFT that the AAF needed roughly $20 million to get to the end of its first season," NBC Sports reported. "Instead, the season will end with two weeks left in the regular season, and with a four-team postseason that never comes to fruition."AAF co-founder Bill Polian says he's been told football operations have been suspended and that virtually everyone involved will be terminated within 24 to 48 hours. He declined to say who told him that.He says the only people to be retained will be equipment managers and others closing facilities.Polian says he is "extremely disappointed."He said: "We were headed to a tremendous run of success, beginning with Saturday's game leading into (the NCAA Tournament) on CBS. Our league on the field has prospered and grown. The football's gotten better, and that's a tremendous tribute to the coaches and players and GMs and front office staff and all the other people who have done a phenomenal job."Asked why the league was shutting down, Polian said he's heard that "only that it's about the money. That's all."Tuesday night, the Birmingham Iron released a statement on behalf of Head Coach Tim Lewis and General Manager Joe Pendry saying, "thank you for your support and for believing in us."Here is the full statement: "On behalf of all of us with the Birmingham Iron organization, we were shocked and incredibly disappointed to learn of the Boards' decision to suspend football operations.Charlie Ebersol and Bill Polian delivered a quality football product that fans nationally were watching on TV, online, and here in Birmingham on each and every game day.While all startups encounter some challenges, we believed ours could be addressed in the offseason, after a successful completion to our first season.We were able to bring together rivals in the talent-rich state of Alabama, with players coming together in black, steel grey and silver. The Birmingham Iron promised a brand of football that made Alabama proud. We cannot thank our players, coaches, staff, corporate partners, and especially our fans that supported us from the moment our team was announced in the Magic City. The Birmingham community came together and proved to be some of the best fans in The Alliance.We hope to be able to share information from The Alliance about ticket refunds in the future.Thank you for your support and for believing in us."Look for more updates here and on WVTM 13 News. Grab the WVTM 13 News app and follow this developing story.The Associated Press contributed to this report.