The coronavirus was something nobody could see coming and it interrupted our lives as well as sports leagues around the country. Because of COVID-19, the XFL will ultimately fail in its attempt to come back for its 2.0 version of the league.
The XFL confirmed it filed for bankruptcy Monday.
“The XFL quickly captured the hearts and imaginations of millions of people who love football,” the spring league said. “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.”
The league laid off all its employees and suspended operations this past Friday, but that is just the tip of the iceberg.
The Chapter 11 filing listed the XFL with assets and liabilities each in the range of $10 million to $50 million, according to Kevin Seifert of ESPN.
Darren Rovell of The Action Network revealed that the creditors include Dallas Renegades coach Bob Stoops ($1.083 million), Tampa Bay Vipers coach Marc Trestman ($777,777), Ticketmaster ($655,148), St. Louis BattleHawks coach Jonathan Hayes ($633,333), other coaches ($583,333 each) and MetLife Stadium lease ($368,000).
Other creditors include the official hat partner 47 Brand ($846,000), the league’s ticket partner Ticketmaster ($655,148), and BigGame USA ($217,000), the company that made the league’s ball.
The XFL was five weeks into its season when games were suspended on March 12.