▁instance , ▁was ▁pl ag ued ▁by ▁teams ▁that ▁were ▁so ▁badly ▁under fin anced ▁that ▁they ▁could ▁not ▁meet ▁the ▁most ▁basic ▁exp enses . ▁With ▁this ▁in ▁mind , ▁D ixon ▁wanted ▁to ▁ensure ▁that ▁US FL ▁teams ▁had ▁the ▁where with al ▁to ▁put ▁a ▁cred ible ▁product ▁on ▁the ▁field . ▁To ▁that ▁end , ▁the ▁league ▁required ▁potential ▁own ers ▁to ▁submit ▁to ▁a ▁detailed ▁due ▁dil ig ence ▁and ▁meet ▁strict ▁capital ization ▁requirements . ▁They ▁were ▁also ▁required ▁to ▁post ▁a ▁$ 1 . 5 ▁million ▁letter ▁of ▁credit ▁for ▁emer gen cies . ▁ ▁With ▁respect ed ▁college ▁and ▁NFL ▁coach ▁John ▁R al ston ▁as ▁the ▁first ▁employee , ▁D ixon ▁signed ▁up ▁ 1 2 ▁cities — n ine ▁where ▁there ▁already ▁were ▁NFL ▁teams ▁and ▁three ▁where ▁there ▁were ▁not . ▁The ▁D ixon ▁Plan ▁called ▁for ▁teams ▁in ▁top ▁TV ▁mark ets ▁to ▁ent ice ▁the ▁networks ▁into ▁offering ▁the ▁league ▁a ▁TV ▁deal . ▁ ▁All ▁but ▁two ▁of ▁the ▁ 1 2 ▁initial ▁teams ▁were ▁located ▁in ▁the ▁top ▁ 1 3 ▁media ▁mark ets ▁in ▁the ▁US ▁at ▁the ▁time . ▁ ▁After ▁almost ▁two ▁years ▁of ▁prepar ation , ▁D ixon ▁formally ▁announced ▁the ▁US FL ' s ▁formation ▁at ▁the ▁ 2 1 ▁Club ▁in ▁New ▁York ▁City ▁on ▁May ▁ 1 1 , ▁ 1 9 8 2 , ▁to ▁begin ▁play ▁in ▁ 1 9 8 3 . ▁ESP N ▁president ▁Ch et ▁Sim