The XFL Files for Bankruptcy

Days after suspending operations and laying off almost all of its employees and players, the XFL filed for chapter 11 bankruptcy on Monday.

In a statement to media, the league said:

“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.”

A source close to the bankruptcy filing told ESPN that it’s possible that the league could be sold during the bankruptcy process.

The bankruptcy filing revealed that Vince McMahon owned 100% of Class A XFL shares and 76.5% of Class B shares. WWE owned the other 23.5% of Class B shares, despite the XFL’s claim that WWE was not involved in the league.