It’s been some time since the original XFL folded, and the league was brought back this year for the 2020 season.
However, now the league has been forced to file for bankruptcy, and the following statement was issued to TMZ:
“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.
Accordingly, we have filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. 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.”
It’s also being reported that a source says the COVID-19 pandemic essentially shut the league down and caused the league to shut down their games which in the end cost the XFL tens of millions of dollars.
Employees were reportedly paid full wages up until April 12. The XFL will refund ticket holders.
The Chapter 11 bankruptcy filing reveals that Vince McMahon owned 100% of the Class A shares, an 76.5% of the Class B shares, while WWE owned the remaining 23.5% of the Class B shares.
Creditors named in the filing include Bob Stoops ($1,083,333.33), Mark Trestman ($777,777.78), Jonathan Hayes ($633,333.33), Winston Moss ($583,333.33) and more.
