Getty Images

As the Alliance of American Football continues to proceed through the early stages of a bankruptcy proceeding, it appears for now that the investor who tried to save the operation won’t be responsible for the millions of dollars in debt.

Via Daniel Kaplan of SportsBusiness Journal, Carolina Hurricanes owner Tom Dundon doesn’t appear to be “immediately liable” for debts incurred by the AAF, based on an analysis of the 269-page bankruptcy filing.

Dundon arrived after much of the debt was incurred. Also, Dundon Capital Partners Limited Liability Corp. isn’t named as a debtor.

One potential basis for protection: Dundon had not executed “definitive documentation” formalizing his acquisition of the league before the AAF filed for bankruptcy.

Allegations and evidence of fraud, if made, could change things. And that continues to be one of the biggest issues in this entire ordeal. If companies extended credit to the AAF based on false representations that funding existed to pay the bills, the bankruptcy court may stray beyond the available AAF assets and seek to impose responsibility on someone else.