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During Tuesday’s bankruptcy court, Vince McMahon revealed that he will not attempt to buy back the XFL.
In a court filing obtained by ESPN, McMahon denied reports that he was secretly trying to purchase the league.
McMahon called accusations that he was secretly maneuvering to use Chapter 11 as an avenue to cheaply retain the XFL “inflammatory” and “unsubstantiated.”
The football league laid off nearly all of their staff before filing for bankruptcy on April 13th in Delaware district court. This is one of the many impacts of the coronavirus pandemic.
McMahon attempted to sell the league, however the court’s committee of unsecured credits revealed that Vince McMahon had tried to rig the bids for the company, meaning he would be able to buy back the company without facing consequences of the debt accrued.
During Tuesday’s court filing, McMahon declared that he had retained his right in being allowed to be a bidder.
He explained that he did it because “I think I was trying to make up my mind.” However he said that the committee’s filing forced him to choose to not make a bid.” said Vince, “I don’t know why that’s out there, making me out to be the bad guy, [that] I’m going to buy the XFL back for pennies on the dollar, basically,”
McMahon stated. “That helped me move into the direction of, ‘I’m not going to be a bidder, not going to have anything to do with it.’ I do hope that someone will pay a lot of money for it, and I do hope that it will survive.”
Vince also noted that he put at least $200 million into the XFL. William H. Hardie III, managing director of the XFL’s brokerage firm stated during a filing that there were over 20 potential buyers interested in the company.
The final bids for the company are expected to be due on July 6th 2020, potentially restarting the season in spring 2021.