The XFL officially filed for bankruptcy earlier today, just days after shutting the league down and laying off all their employees.
WWE Chairman Vince McMahon made the decision to bring back the XFL a couple years ago, and they relaunched earlier this year, and was being received very positively this time around. Then the COVID-19 pandemic hit, and the world changed virtually overnight.
The league was five games into the 2020 season before having to cease operations due to the coronavirus outbreak, and regulations limiting public gatherings and live events. Now the season is officially over, and looks like there will not be another season in the leagues future.
Back in February just prior to the leagues opening week, Vince McMahon was asked if WWE would have any stake in the newly reformed XFL, to which Mr. McMahon stated that the two were completely separate entities.
“No, the XFL is a separate entity completely. We have 400 employees and the kickoff, of course, is this coming Saturday. It’s completely separate..”
As it turns out, that isn’t the case at all. With the XFL officially filing for chapter 11, the paperwork that has since been making it’s rounds online shows that WWE actually did own a percentage of the league. WWE owned 23.5% of Class B stock in the XFL.
Darren Rovell tweeted the following, showing WWE’s stake in the XFL:
“BREAKING: XFL files for bankruptcy. N bankruptcy filing reveals that WWE actually does own part of league (23.5% of Class B stock). Among the creditors — Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K), other coaches ($583K) and MetLife Stadium lease ($368K).”
You can see Rovell’s tweet below, which shows the paperwork the XFL filed earlier for bankruptcy which indeed lists WWE owning 23.5% of class b stock in the league.
BREAKING: XFL files for bankruptcy. N bankruptcy filing reveals that WWE actually does own part of league (23.5% of Class B stock). Among the creditors — Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K), other coaches ($583K) and MetLife Stadium lease ($368K). pic.twitter.com/PRj3CXAnkv
— Darren Rovell (@darrenrovell) April 13, 2020
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