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REPORT: Vince McMahon will put the XFL up for sale

Alpha Entertainment, LLC

Alpha Entertainment, LLC

The fall of the XFL was made official on Monday when the pro football league filed for Chapter 11 bankruptcy.

WWE Chairman and CEO Vince McMahon, who is the owner of the XFL under its separate LLC, Alpha Entertainment, had to cancel the inaugural season after the fifth week of its regular season.

The XFL is claiming that the reason for that is due to the ongoing global coronavirus (COVID-19) pandemic. Thus, the reason that they ceased all operations on Friday.

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The XFL will pay employees through the end of the regular season despite the fact that they suspended the league in Match. Now, the league is in the process of refunding the balance of ticket purchases.

The Hollywood Reporter is reporting that the XFL is in the process of seeking a buyer for its assets in order to pay creditors.

As noted, the XFL lost "tens of millions in revenue" due to canceling the season. This was after McMahon had plans to put millions of dollars into the league over the next three years with the hope of getting a paying TV deal.

To read the statement issued by the XFL, click here.