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XFL declares bankruptcy

Following the news last week that the XFL had suspended operations, the league has also filed bankruptcy.

The league filed a Chapter 11 bankruptcy filing in Delaware. You can read the entire filing here.

It turns out that these filings revealed that WWE owns part of the league, around 23.5%. This revelation comes despite previous denials that WWE and the XFL were completely separate entities. Other creditors listed include Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K) in addition to other coaches ($583K) and MetLife Stadium lease ($368K).

Vince McMahon had planned on spending $300 million for the next three years on the relaunch of the pro football league with the belief that he could secure a big-money television deal. However, that won’t happen.

It should be noted that prior to this filing, McMahon had claimed that WWE and the XFL were two separate companies. Clearly, with WWE owning a percentage of equity, that wasn’t the case.

The XFL had reached TV deals with ESPN, FOX, ABC, and FS1 to air its games. This deal made sense for the networks as they didn’t have any costs regarding TV rights.

Prior to the news that the XFL would be suspending operations, they let go of all of its employees. The television ratings for the XFL games started out strong but declined week over week.

The positive thing at the time was the games had strong attendance figures in certain markets. There was hope that the league would come back for a second season but that won’t be happening.


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