Other Sport

XFL files for bankruptcy after cancelling season

2020-04-14 08:16
XFL logo
XFL logo (Twitter)

The XFL filed for Chapter 11 bankruptcy on Monday, days after suspending operations in a season already shut down amid the coronavirus pandemic.

The eight-team league had kicked off this year in a reboot of a competition that lasted for one season in 2001.

Already facing an uphill battle in a country where the National Football League (NFL) reigns supreme, the XFL had suspended play five games into its 10-game season, pledging to come back for a second campaign.

But on Friday, the league launched by world wrestling tycoon Vince McMahon suspended operations and laid off all employees.

"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.

A 15-page filing in US bankruptcy court in Delaware estimated the league's liabilities to be between $10 million and $50 million against the same range in assets.

A list of the 25 largest unsecured creditors was attached that included seven of the league's eight head coaches.

Bob Stoops of the Dallas Renegades is owed $1 million and Marc Trestman of the Tampa Bay Vipers $777 777.

Four creditors were listed as "venue costs" and a television broadcasting services company is owed $1.2 million.

Read more on:    american football

 

Read News24’s Comments Policy

 
 
Men
Women
Love 2 Meet
Sport24 on Twitter

Follow Sport24 news on Twitter

Featured

The 2019/20 Absa Premiership season is in full swing. Will Mamelodi Sundowns retain their title? Or can one of Kaizer Chiefs, Orlando Pirates, Wits, SuperSport United - or another team perhaps - snatch glory from the Brazilians? Be sure to visit Sport24 for all the latest news!

Latest blogs
Vote

How should the 2019/20 English Premier League title race be resolved?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.