A week after officially suspending operations, the XFL has officially filed for Chapter 11 bankruptcy noting that the economic impacts and uncertainties caused by the coronavirus forced the XFL to fold.
The XFL season, which was met with solid reviews and seemed poised for a second season, postponed following Week 5 action.
“Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis” the XFL said in a statement, according to TMZ. 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.”
The folding of the XFL will certainly make an impact on WWE, which owned 23.5% of the the XFL’s Class B stock, with WWE Chairman Vince McMahon owning the remainder.
McMahon sold close to $300 million in WWE stock in order to fund the XFL.
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