“The challenge is really economically,” he said. “This was a money-losing proposition.”

Naini said he and a California partner have lost “multiple seven figures in four years. At some point, you have to ask yourself is this a hobby or a business.”

Naini purchased the team from Brady Nelson in 2014 and lost substantial money in two years in the Arena Football League. Citing the AFL’s failed business model, Naini moved the team into the less-expensive Indoor Football League in 2016.

The franchise rebranded to the Empire when it switched leagues after declining to pay a reported $250,000 to the AFL for Shock trademark rights.

The Empire won on the field, advancing to the 2016 IFL title game before losing to Sioux Falls, but attendance lagged compared to the Shock days in the AFL (2010-15) and arenafootball2 (2006-09), when sellouts and near capacity crowds were common.

Naini declined to give specific numbers, but it’s believed ownership lost at least $600,000 in 2016. Full story. Jim Meehan/SR

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