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  New York Dragons Arena Football League Team to be Purchased by New York-Based Investment Group

  New Ownership Committed to Team, Coaches; Plans to Invest in Franchise's
                                   Growth

    NEW YORK, July 9 /PRNewswire/ -- The New York Dragons will be purchased
by a New York-based investment group from current owner Charles Wang this
July, pending approval by the Arena Football League Board of Directors.
Financial details of the pending acquisition were not disclosed.

    The purchasing group plans to invest in the franchise and to enhance
the experience for fans and to broaden the franchise's appeal across the
New York metropolitan area.

    "We are deeply committed to our fans and our players. Our goal is to
build a successful franchise and to win championships," stated Steven
Silva, the Long Island native who serves as the managing member of the
investment group.

    "We're thrilled to be working with the New York Dragons. This is a
life-long dream, to be part of a major sports franchise right here in New
York," Mr. Silva stated. "We're looking forward to approval by the AFL
Board and implementing many creative ideas for the team's future success.
Future announcements will be forthcoming, which should be very exciting for
our fans."

    Mr. Silva has spoken with New York Dragons Coach Weylan Harding and
quarterback Aaron Garcia about the group's plans to build the franchise.

    "I'm very excited about the plans to take this franchise to the next
level," stated Coach Harding. "The new ownership group shares my enthusiasm
for this team and this sport, and I'm looking forward to seeing more New
York sports fans getting involved in New York Dragons football."

    The team, which started out as the Des Moines, Iowa Barnstormers, was
acquired in 2000 by a group led by Mr. Wang and relocated to New York,
where they began playing as the New York Dragons at the Nassau Coliseum in
2001. The team will continue to play at the Nassau Coliseum under the new
ownership.

    The New York Dragons have won three Eastern Division Championships.
They have played in the AFL's National Conference playoffs in 2001, 2003,
2005, 2006 and 2008.



  SOURCE The New York Dragons




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CONTACT:
Elisabeth Hershman, of VPG LLP for The New
York Dragons, +1-212-289-6734, ehershman@vpgllp.com

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