XFL Files For Bankruptcy After Ceasing Business Operations
John Castro Just two months after relaunching, Vince McMahon's XFL officially filed for Chapter 11 bankruptcy on Monday.
Eriq Gardner of the Hollywood Reporter shared the details.
In a statement (shared by Daniel Kaplan from the Sports Business Journal), the XFL acknowledged that they weren't "insulated from the harsh economic impacts and uncertainties" stemming from the COVID-19 pandemc.
Last month, the 2020 season was canceled because of the pandemic. The league ceased operations and played off its staff members. An XFL spokesperson told TMZ Sports that they had lost "tens of millions in revenue." The league is not planning to return for the 2021 season, according to multiple reports.
The league started on Feb. 8, six days after Super Bowl LIV between the Kansas City Chiefs and San Francisco 49ers. The league championship game was scheduled to take place in Houston on Apr. 26 in two weeks.
After canceling the 2020 season last month, the XFL said in the statement that they were looking to resume the league in 2021. The statement noted that the player would receive "their base pay and benefits."
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McMahon launched the XFL in 2001, but the league folded after just one season; with the WWE and NBC losing a reported $35 million. In Jan. 2018, McMahon announced that he was bringing back the league, and he went greater lengths to ensure it would succeed this time around.
Oliver Luck - the father of former Indianapolis Colts quarterback Andrew Luck - was named commissioner, with Jeffrey Pollack serving as the league president. Many former NFL coaches (including Marc Trestman, Pep Hamilton and Jim Zorn), assistants and players joined the league. Houston Roughnecks quarterback P.J. Walker, who led the XFL in passing yards and passing touchdowns, signed a contract with the Carolina Panthers.
The XFL Was Far More Successful This Time
It's hard not to feel sorry for all the staff, coaches and players involved in the XFL. The league was off to a much greater start compared to 2001, with strong television ratings and thrilling on-field game play. Vince had clearly learned from the mistakes of the 2001 XFL project, so it's extremely unfortunate that the league had to end abruptly. Here's hoping that the players, coaches and staff members be out of work for long.
