Vince McMahon’s XFL has filed for bankruptcy after suspending the season due to the coronavirus pandemic.
On Friday, April 10th, the company announced layoffs and a suspension of operations on a conference call. In McMahon’s second attempt at starting a professional football league to compete with the NFL, hopes were to do better than 2019’s American Alliance Football league, which couldn’t financially complete its inaugural season. While the XFL debuted with decent ratings, the COVID-19 pandemic subsequently brought the season to a halt.
The XFL released a statement:
“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.”
