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Vince McMahon’s XFL filed for bankruptcy Monday, ending the second iteration of the football league.
The Chapter 11 bankruptcy filing reveals the league has between $10 million to $50 million in both assets and liabilities.
Vince McMahon controls the XFL as a private entity through his Alpha Entertainment organization. WWE owns a 23.5% state in the league.
The organization issued the following statement
“The XFL quickly captured the hearts and imaginations of millions of people who love football. 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.”
During a conference call on 4/10, XFL COO Jeffery Pollack informed employees the league had no plans to return in 2021, and they were laid off.
Eriq Gardner of The Hollywood Reporter provided the following document of the full filing.