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This makes it official. Three days after closing operations, the XFL has filed for bankruptcy. The fledgling professional football league called off its season five weeks in due to the novel coronavirus pandemic and on Friday laid off almost its entire staff. On Monday, it filed for Chapter 11, listing assets and liabilities from $10 …
This makes it official.
Three days after closing operations, the XFL has filed for bankruptcy.
The fledgling professional football league called off its season five weeks in due to the novel coronavirus pandemic and on Friday laid off almost its entire staff. On Monday, it filed for Chapter 11, listing assets and liabilities from $10 million to $50 million.
WWE CEO Vince McMahon personally owned 76.5 percent of the XFL’s Class B stock and 100 percent of its Class A stock and WWE itself owned 23.5 percent in Class B stock, according to documents published by Darren Rovell. The league owes, among others, the St. Louis Sports commission $1.6 million, coach Bob Stoops $1.083 million, coach Marc Trestman $777,777 and Ticketmaster $655,148.
XFL COO Jeffrey Pollack told employees on Friday there were no plans for the league to be back in 2021. The league is for sale as part of the bankruptcy process, according to Sports Business Journal.
McMahon had previously launched the XFL in 2001, but it folded after just one year. This try didn’t even get that far.
