Vince McMahon’s XFL filed for Chapter 11 bankruptcy, a move that was pretty much expected after the 2.0 version of the league was forced to cut short its comeback season amid the coronavirus lockdown.
The XFL, which listed $10 million-$50 million in debts and an equal amount in assets, actually has several potential buyers of the league, according to a report from Forbes.
Investment banker Andrew Kline, who is a former NFL player, is now a partner at Park Lane that helps “exceptionally successful people buy and sell professional sports teams and finance early and late stage sports-based businesses.”
He had this to say:
“There are many folks interested and calling us, but we are not working on anything, and without a billionaire stepping in for Vince, we are not interested. If Vince McMahon was 100% committed to the XFL, I think it could have survived COVID-19 and much worse.”
He then suggested that a deal between the NFL and XFL would help the bigger league in the long run.
“I’ve spoken to a number of NFL coaches who say that in the last collective bargaining agreement, the players demanded/received much less training camp and practice time,” he writes.”I’ve been told multiple times that this hurts coaches’ ability to develop new players, and can tell you my time in NFL training camp proved to be where I developed as a player the most—by far. So, I imagine having a place other than college football to develop players for the NFL, which is 1,000 times harder than college (it’s almost a different sport) would be a good thing.”
Things only got worse for McMahon as he was forced to furlough employees and lay off a number of talented wrestlers from their roster.
The 74-year-old Chairman of the WWE has seen better days.
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