Report: Arena Football League to announce it will fold

The San Jose Mercury reports:

The Arena Football League soon will announce that it is folding, multiple media outlets reported Monday.

A league source told ESPN that the AFL, which includes the three-time ArenaBowl champion San Jose SaberCats, is "suspending operations indefinitely," and an official announcement was forthcoming.

Arizona Rattlers owner Brett Bouchy said the league will also declare bankruptcy, according to the Orlando Sentinel.