WWE Chairman Vince McMahon’s XFL filed for Chapter 11 bankruptcy earlier this week. McMahon’s football league is now reportedly looking for a buyer.
The filing by the XFL’s parent company, Alpha Entertainment, in the state of Delaware comes after the coronavirus pandemic did not allow the league kickstart leading to laying off staffers and suspend operations.
The XFL was supposed to in 2020 with eight teams, 40-man active rosters and a 10-week regular-season schedule.
It was first launched in 2001 as a joint venture between the World Wrestling Federation – as WWE was previously known – and NBC.
“The XFL quickly captured the hearts and imaginations of millions of people who love football,” the league said in a statement.
“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.”
McMahon reportedly controls all Class A shares in XFL, with WWE having 23.5% of Class B shares, according to the filing.