Vince McMahon Secretly Trying To Buy Back The Bankrupt XFL?
Another twist in the ongoing XFL bankruptcy saga...
If you thought the XFL was dead and buried, think again.
While the failed football league was recently put up for sale after entering bankruptcy proceedings, there's now talk that Vince McMahon is currently trying to buy the XFL back to prevent it from going completely insolvent.
This is according to a new report from Daniel Kaplan of The Athletic. Per his writeup, the league's creditors think that McMahon is making a move that could effectively let him to escape taking on any debt during this rough economic period and emerge from the ongoing global health crisis without taking much of a hit.
One piece of evidence cited by the creditors is the objection to a bankruptcy proposal re: paying $3.5 million in ticket refunds, with a committee stating that this payment is "being sought to further the efforts of the debtor's controlling equity holder/secured lender, Vince McMahon, to acquire the debtor at a fire-sale price." This would be a reputation-boosting move designed to sweeten the XFL's stakeholders ahead of a potential return.
If successful, Vince would need to completely rebuild the XFL from scratch, though he'd be able to do so without the financial hit of bankruptcy.