Vince McMahon’s XFL has filed for Chapter 11 bankruptcy.
XFL had their first debut season and it was the second time a launching a spring professional football league. The league shut down amid the coronavirus pandemic in late March. The XFL listed between $10 million and $50 million in debts and an equal amount in assets, according to a Delaware bankruptcy court filing.
Last week, the league reported it would shut down operations and lay off everyone except their top executives. According to ESPN, staffers were informed of the decision in a conference call on Friday that they would be paid through the end of the regular season, which was scheduled to end on Monday.
History of the XFL
The 2020 XFL season is the second attempt by WWE chairman McMahon to start a spring professional football league. The first attempt took place in 2001.
The league had a good start averaging more than 3 million viewers. But ratings would fall thereafter. On March 20, the league ended its season early due to the Coronavirus.
McMahon revealed plans to start the XFL in January 2018, with a “shorter, fast-paced games and a family-friendly environment.” The original XFL season had horrible TV ratings and even worse plays.Continue Reading: