The XFL filed for Chapter 11 bankruptcy on Monday, the first business day since layoffs at the Vince McMahon alternative football league.
“The XFL quickly captured the hearts and imaginations of millions of people who love football,” the XFL said in a statement on Monday. “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. 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 vowed to be back for the 2021 season.
But Monday’s action, which follows mass layoffs late last week, makes the future anything but clear.
McMahon, who is the owner of World Wrestling Entertainment, has not commented publicly on the league closing its doors for a second time. The filing makes it possible for the league to be sold.
The largest creditor listed in the filing is the St. Louis Sports Commission ($1.6 million) but seven of the eight head coaches rank among the top creditors. Dallas Renegades coach Bob Stoops is owed $1 million, Tampa Bay Vipers coach Marc Trestman is owed $777,000 and Ticketmaster is at $655,000.
–Field Level Media (@FieldLevelMedia)