Arena League

According to the Star, the Arena League is suspending play for 2009.

“It’s pretty much a done deal to suspend the 2009 season and work toward a single entity-league,” Likens said. “We plan to start up again in 2010, if the owners vote this way. We’re prepared to play this year, and/or next.”

Now I never got into Arena League, but I have always thought that given several factors (including football's general popularity), Arena League Football had about as good a chance as is possible of creating a sustainable new sports league. My question then: is it possible in today's marketplace to envision any new sports league becoming financially viable and/or a major part of culture?