The XFL was handed a raw deal being forced to suspend it’s inaugural season after just five games due to the novel coronavirus. At the time the league announced the season would be suspended they stated that they were planning on playing in 2021 and many more seasons.
That came to a screeching halt last week when the XFL notified season ticket holders that they would be refunding deposits for 2021. Then, a day later the league laid off all of its staff in a short conference call led by President Jeffrey Pollack.
Fans were holding out hope that the XFL may return in 2022, but it seems like we have our answer on if the league will be returning. Just now via Darren Rovell, the XFL has filed for bankruptcy.
BREAKING: XFL files for bankruptcy. N bankruptcy filing reveals that WWE actually does own part of league (23.5% of Class B stock). Among the creditors — Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K), other coaches ($583K) and MetLife Stadium lease ($368K). pic.twitter.com/PRj3CXAnkv
Among the list of creditors is Bob Stoops, Marc Trestmen, Ticketmaster and MetLife Stadium. It’s sad to see the league being forced to fold due to something outside of their control.
The XFL has filed for Chapter 11 bankruptcy listing both assets and liabilities in the range of $10-50 million. Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor’s business affairs, debts, and assets. Named after the U.S. bankruptcy code 11, corporations generally file Chapter 11 if they require time to restructure their debts. … It is also usually the most expensive form of a bankruptcy proceeding.
We had high hopes for the XFL and loved following the journey since Vince McMahon announced the 2020 season. We’ll keep you updated as more information comes out on this.
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