Because of the sudden loss of the New Orleans franchise, the league announced in October that the beginning of the free agency period would be delayed in order to accommodate a dispersal draft. Dates were eventually announced as December 2 for the dispersal draft and December 4 for free agency, but shortly before the draft the league issued a press release announcing the draft had been postponed one day to December 3. Shortly thereafter, another press release announced that the draft would be held on December 9 and free agency would commence on December 11. However, the draft still never took place, and instead another press release was issued stating that both the draft and free agency had been postponed indefinitely. Rumors began circulating that the league was in trouble and on the verge of folding, but owners denied those claims. It was soon revealed the players' union had agreed to cut the salary cap for the 2009 season to prevent a total cessation of operations. However, the announced Platinum Equity investment never materialized.