XFL Files for Bankruptcy After Suspending League Operations
By Kevin Seifert – ESPN // April 13, 2020
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(ESPN) – The XFL’s parent company filed for Chapter 11 bankruptcy Monday, the first business day after the league suspended operations and laid off almost all of its employees.
The filing, officially made by Alpha Entertainment, listed the XFL with assets and liabilities each in the range of $10 million to $50 million. The largest creditor was listed as the St. Louis Sports Commission at $1.6 million. Seven of the league’s eight coaches also are among the top creditors.
In a statement, the XFL attributed its decision to the coronavirus pandemic:
“The XFL quickly captured the hearts and imaginations of millions of people who love football. 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.”
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