XFL Declares For Bankruptcy
Vince McMahon's second try at football ended mid-season...
Multiple sources have confirmed that Vince McMahon's XFL has officially filed for bankruptcy. The league has reportedly lost "tens of millions" in revenue.
A league spokesperson told TMZ, "...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."
Employees of the league were paid their full wages up until April 12, in addition to accrued vacation days.
Documents obtained by sports business reporter Darren Rovell reveal the various creditors that are owed money. Among the listed creditors are head coaches Bob Stoops and Marc Trestman, who are owed $1 million and $737,000, respectively. Other coaches, such as Kevin Gilbride and Winston Moss, are owed between $583,333 and $633,333.
Ticketmaster is listed at $655,000, while the lease on MetLife Stadium in East Rutherford, NJ is listed at $368,000.
Vince McMahon owns 100 percent of league's Class A stock, and 76.5 percent of the Class B stock. World Wrestling Entertainment, Inc owns the other 23.5 percent of the league's Class B stock.
Written by Justin Henry
In addition to writing lists and commentaries for Cultaholic, Justin is also a features writer and interviewer for Fighting Spirit Magazine, and is co-author of the WWE-related book Titan Screwed: Lost Smiles, Stunners, and Screwjobs.