The XFL officially filed for Chapter 11 bankruptcy this week after its 2020 comeback season was forced to end early due to the coronavirus pandemic. The league listed in a Delaware bankruptcy court filing $10-$50 million in debts and equal amounts in assets.
Check out the full details on the filing below.
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XFL has filed for Chapter 11 bankruptcy listing both assets and liabilities in the range of $10-50 million.
There is a breakdown of ownership with WWE listed in control of 23.5% of Class B shares with the rest held by Vince McMahon.
Attached are the top eight creditors. pic.twitter.com/BNsgV1NEKt
— John Pollock (@iamjohnpollock) April 13, 2020
Vince McMahon, the Chairman and CEO of WWE, opted to re-launch the league under his new organization Alpha Entertainment following its lone season in 2001. The league, which consisted of eight teams in Dallas, Houston, Los Angeles, Seattle, Washington D.C., New York, St. Louis and Tampa, was shut down five weeks into the 2020 season. The league suspended day-to-day operations and laid off all employees on April 10. While it did initially plan to return in 2021, CEO Jeffrey Pollack reported hosted a conference call on Friday where he stated there were no plans for the league to return
McMahon stated multiple times during WWE’s investor’s call back in February that the league was kept completely separate from WWE operations.
“No, there is none of that,” McMahon said. “We have 400 employees over here and it’s run by itself and vendors.”
He also shot down the idea of the two companies possibly merging at the time, even though the bankruptcy filing contradicted that.
“No, the XFL is a separate entity completely. We have 400 employees and the kickoff, of course, is this coming Saturday. It’s completely separate,” McMahon said.
Several XFL players have since signed contracts to play in the NFL, including Houston Roughnecks quarterback P.J. Walker (now with the Carolina Panthers), St. Louis Battlehawks quarterback Jordan Ta’amu (Kansas City Chiefs), Roughnecks defensive back Deatrick Nichols (New Orleans Saints) and New York Guardians defensive back Dravon Askew-Henry (New York Giants).
