Arena Football League in danger of folding.

The Denver Post says that unless the AFL receives an “infusion of money” by December 19, it could “[face] dissolution.” Whether that would be permanent, or just for the 2009 season, is unclear.

Rumors have been flying since late last week that the AFL is in serious danger of folding. According to The Columbus Dispatch, at least two players have received warnings “that the league could soon fold. They also had heard that it might take a one-year hiatus or compete in 2009 with fewer teams.” While a report surfaced late Friday that the league would play the 2009 season, though there was no certainty about 2010 or beyond, other reports indicate that the AFL’s owners “plan to meet on December 19th to determine if they will go ahead with the season or suspend play for a year while the league tries to regroup.”

Sources tell Pro Football Talk that “team owners are receiving little or no television revenue from the league?s partnership with ESPN. Likewise, the team owners don?t see much of the money that comes from sponsorships with the likes of ADT, Discover Card, and others.” The players union has agreed to “reduce the salary cap by a whopping 25 percent in order to keep the operation afloat.”

The AFL offseason has been marked by uncertainty. Prior to the Arena Bowl, AFL Commissioner David Baker resigned, and has yet to be replaced. The New Orleans Voodoo folded, and the “dispersal draft of players … has been postponed three times.” On a lesser, but still telling note, EA Sports did not renew its deal with the AFL, putting an end to the Arena Football video game.

In October, AFL owners approved a deal with Platinum Equity that would have seen the company take a 40% stake in the league worth $100 million, and “assume management control of the league.” That deal, which had been expected to be finished by December 1, has apparently “fallen apart.”