Midway through the 1931 season, the Frankford Yellow Jackets went bankrupt and ceased operations. After more than a year of searching for a suitable replacement, the NFL granted an expansion franchise to a syndicate headed by Bert Bell and Lud Wray and awarded them the franchise rights of the failed Yellow Jackets organization. The Bell-Wray group had to pay an entry fee of $3,500 (equal to $40,230 today) and assumed a total debt of $11,000 that was owed to three other NFL franchises. Drawing inspiration from the Blue Eagle insignia of the National Recovery Administration—the centerpiece of President Franklin D. Roosevelt's New Deal —Bell and Wray named the new franchise the Philadelphia Eagles. Neither the Eagles nor the NFL officially regard the two franchises as the same, citing the aforementioned period of dormancy. Furthermore, almost no Yellow Jackets players were on the Eagles' first roster. The Eagles, along with the Pittsburgh Steelers and the now-defunct Cincinnati Reds, joined the NFL as expansion teams.