Over a month after completely suspending operations and firing nearly all of their employees, the XFL may be in the mix for a return in 2021 without Vince McMahon at the helm.
After reportedly putting at least $200 million of his own money into the XFL, there were rumors that McMahon would want to buy back the XFL after filing for Chapter 11 bankruptcy in Delaware district court. Many believed that the filing was a coy financial ploy by McMahon to buy back the league and not pay the operating costs during the pandemic, accusations which McMahon denounced in legal depositions.
Although McMahon originally was not sure if he wanted to continue operating the league and buy it back, the accusations that he was manipulating financial and legal situations to do so led him to want to back out.
The idea that McMahon would buy the league back for “pennies on the dollar” led him to decide that.
“I’m not going to have anything to do with it,” said McMahon in a deposition.
Additionally, according to a court filing released today, there are dozens of interested investors in the league. The investment banker in charge of the sale, Houlihan Lokey, had received around 26 interested purchasers at the time of the court filing, all of whom maintained a specific interest in holding a 2021 season.
The timetable for the sale of the league has been extended to Aug. 1, 2020, in order to allow time for the correct buyer to purchase the league. Apparently, in order to make the sale of the league more appealing, McMahon had modeled a TV-centered 12-week tournament for the XFL, which could happen in 2021 with or without fans.
All 26 potential investors are interested in that style of tournament and would like the sale to happen before Aug. 1 so preparations for a 2021 season can begin.
As of now, it appears that not only will Vince McMahon not be involved with the XFL going forward, but the league will have a good chance of renewal going forward with a large number of investors interested in the rights to the league.