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The Latest on the future of the Alliance of American Football (all times EDT):

6:45 p.m.

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The Alliance of American Football has ended its first season prematurely and notified most employees that they will be terminated as of Wednesday.

Employees were notified in a letter from the board on Tuesday afternoon. The board essentially is majority owner Tom Dundon, who also owns the NHL’s Carolina Hurricanes.

The letter, obtained by The Associated Press, said only that the decision to suspend operations was made “after careful consideration.”

It also said a small staff would remain to seek new investment capital and “restructure our business. Should those efforts prove successful, we look forward to working with many of you on season two.”

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5:15 p.m.

Alliance of American Football 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.