XFL Officially Files For Bankruptcy
The ongoing global chaos causes Vince McMahon's football to lose up to $50 million!
Just a matter of days after suspending all operations and laying off the majority of its workforce, the XFL has now filed for bankruptcy.
The future of Vince McMahon’s relaunched football league had been looking majorly uncertain over the past few weeks, as the ongoing global chaos was similarly causing issues for the XFL. And now, well now a bankruptcy order has been put forward.
The Chapter 11 bankruptcy filing includes the XFL’s assets and liabilities, with the estimated total cost of these being somewhere between $10 million and $50 million. Some of the main creditors of the XFL are coaches Bob Stoops ($1 million) and Marc Trestman ($777,000), Ticketmaster ($655,000), and MetLife Stadium ($368,000).
In addition to being owned by McMahon and the Alpha Entertainment banner, the XFL was actually partially owned by WWE. To be precise, WWE held 23.5% of Class B stock.
An official XFL statement read, “The XFL quickly captured the hearts and imaginations of millions of people who love football. Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.”
The statement continued, “This is a heartbreaking time for many, including our passionate fans, players and staff, and we are thankful to them, our television partners, and the many Americans who rallied to the XFL for the love of football.”
After a largely positive initial response to the relaunched XFL, ratings began to wane from week to week, with the league itself only managing to make it to the five-week mark before the action was first suspended. And after five weeks, it would seem that this is once again the end of Vince McMahon's football dream.