KNOXVILLE, Tenn (WVLT) -- The All-American Football League (AAFL) may not play it's inaugural season.

A statement on the AAFL website says, "Every effort is being made to insure that the '08 season will be played as planned, but this depends upon a locating new majority owner with the needed liquidity, which in turn depends upon the League being able to finalize a TV deal. Otherwise, the inaugural season will be postponed to '09."

The AAFL blames the sub prime mortgage crisis saying that the league's finances are indirectly tied to the $300 billion federally guaranteed student loan asset backed securities market.

The Florida Times-Union, broke the story.

Director of Public Relations for Team Tennessee, Nathan Kirkham, tells volunteertv.com, a conference call is scheduled Thursday evening to discuss the future of the league. Kirkham says he will not be on the call, but the AAFL President and Board of Directors will be.

"We're ready to play," Kirkham told volunteertv.com. "Our managers unloaded a half a semi full of equipment and we're ready to see the guys next week."

A phone call from volunteertv.com to the AAFL media relations office has not been returned.

The AAFL has been advertising on WVLT-TV and other television stations and newspapers in Knoxville for weeks.

They describe the league as a second chance to see some of the college stars you remember playing games against familiar foes.

Training camp for Team Tennessee was scheduled to begin on March 12th, games were scheduled to begin in mid-April. Tennessee home games were set for Neyland Stadium.

The Tennessee team was to be coached by former Vol star Andy Kelly. Alvin Harper, another former Vol and Dallas Cowboy wideout, was signed on to be an assistant coach.

Former UT Athletic Director Doug Dickey is on the AAFL board, according to the AAFL website.

Stay connected to Volunteer TV News and volunteertv.com for continued coverage of this developing news story.