Philadelphia Powderkegs, Inc. is one of 12 Delaware corporations formed to represent teams (each a âTeamâ or collectively, âTeamsâ) in a national fantasy sports football league (âThe Crown Leagueâ) which is to be operated by The Crown League, LLC, a Delaware limited liability company (âCRLâ), the managing member and substantial owner of which is CrownThrown, Inc., a Delaware corporation (âCrownThrownâ). CRL intends to launch the first publicly owned, professionally managed, national fantasy sports league. CRL has two classes of membership interests: 49.992% of the membership and voting interests are controlled by the Class A members, all of which are held, in equal amounts, by us and the additional 11 companies that anticipate competing in The Crown League (in other words, each company Team will initially own 4.166% of the interests in CRL), and the remaining 50.008% of membership interests in CRL will be held by the Class B members of CRL, approximately 90% of which is currently held by CrownThrown.
