As you probably know by now, the XFL is up for sale and the future of the company is uncertain. Regardless, we should know if anyone buys the league and who by August 7th, when the sale hearing is set to take place.
UPDATE: The XFL has been purchased by Dwayne ‘The Rock’ Johnson, Dany Garcia and RedBird Capital for $15M
In the meantime, we have some more information related to some of the most recent court filings. Not too long ago we had reported that the University of Houston had agreed to allow the Roughnecks lease of TDECU Stadium to be used as collateral in the XFL’s bankruptcy sale. During the leagues run, they had a very good relationship with the city of Houston. Harric County hosted all eight XFL teams in January for a league-wide training camp. Not to mention, Houston was slated to host the inaugural XFL Championship game.
“Upon information and belief, the Parties are in agreement of a cure amount of $729,444.25.2 The University asserts that an additional $112,500 is due (for a total of $841,944.25) under the Venue Use Agreement for field replacement which has already occurred and costs and expenses have already been incurred. While the second installment payment of $112,500 is not due until May 2021, the University is aware that an argument could be made by a prospective purchaser in a sale that such amount accrued pre-petition and therefore should have been included in the cure amount. As a result, the University is filing this Objection to preserve the issue.
WHEREFORE, the University respectfully requests that the Court permit the University to preserve the issue that the referenced $112,500 shall be due and owing under the terms of the Agreements upon any assumption and assignment, and grant the University such other and further relief, both at law and in equity, to which the University may justly be entitled.”
As we reported earlier this year, during the XFL’s bankruptcy sale a scenario being pitched would be for the league to return in 2021 with a 12-week ‘Made for TV’ Tournament, which would be hosted out of a central location.
Without knowing if the league will be sold in full and who the owner will be, it’s hard to say for certain if we’ll see the XFL return in 2021, 2022 or possibly never again. The good news is, we should know soon. The bankruptcy auction is set to take place August 3rd, with the sale hearing occurring on the 7th. As always, we’ll keep you posted as we learn anything on the future of the XFL.
Do you think the league will return in 2021? If so, do you think they should use the bubble concept in Houston? Let us know down in the comments below or join the conversation on Discord.