The XFL filed for bankruptcy on Monday, according to Darren Rovell of Action Network.
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
— Darren Rovell (@darrenrovell) April 13, 2020
The Chapter 11 filing lists both assists and liabilities in the range of $10 million to $50 million, according to Chris Chavez of Sports Illustrated.
WWE President Vince McMahon and Alpha Entertainment own the XFL.
“The XFL quickly captured the hearts and imaginations of millions of people who love football,” a league spokesperson told TMZ Sports. “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.”
The spokesperson added, “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.”
Last month, the XFL canceled its season after five games due to the coronavirus pandemic. On Friday, the league suspended its operations and laid off nearly all of its staff, with no plans to return next year. The league has lost tens of millions in revenue but employees were paid in full up until April 12.
Maybe at some point in the future, the XFL can return. As for now, though, the venture has filed for bankruptcy.