XFL Officially Files For Bankruptcy – Citing Tens Of Millions In Losses Due To COVID-19 Pandemic As Reason

The XFL suspended their season and laid off all their employees a few days ago, and now the league has officially filed for bankruptcy.

A spokesperson for the XFL told TMZ earlier today that they were not insulated from the economic impact of 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.”

TMZ is reporting that sources told them that the COVID-19 pandemic, which essentially shut down the league, caused the XFL to lose “tens of millions in revenue” as they were forced to cancel the remainder of their regular season, and playoff games.

It was also reported that despite the blow financially, the XFL still paid their employees full wages up through April 12th, as well as any vacation days they had accrued. The XFL will also refund ticket holders, and that they are currently undertaking that process.

The reason for the XFL filing for bankruptcy is said to be a timing issue, so that they were able to maximize the return to their investors.

TMZ also reported the creditors, listing XFL head coaches Bob Stoops ($1,083,333.33), Mark Trestman ($777,777.78), Jonathan Hayes ($633,333.33), Winston Moss ($583,333.33) and others.

Dave Meltzer commented on the XFL filing for chapter 11, stating that this was essentially Vince McMahon getting out of money owed.

“XFL officially declared bankruptcy, essentially Vince getting out of money owed.”

XFL officially declared bankruptcy, essentially Vince getting out of money owed.

— Dave Meltzer (@davemeltzerWON) April 13, 2020

We will keep you updated if we hear anything else about the future, or lack there of, for the XFL.

Check out our official store at PRO WRESTLING TEES, show us your support and buy a shirt. You can visit our store by clicking here.

Make sure to follow us on Twitter @BodySlamNet and on Instagram @BodySlamDotNet

Also check us out on Facebook and give us a like and share by clicking HERE.