XFL FILES FOR BANKRUPTCY
The XFL filed for bankruptcy on Monday, likely spelling the end of the second iteration of the league.
The filing in U.S. Bankruptcy Court in Delaware estimates the organization has between $10,000,001 and $50 million in both assets and liabilities. Former coaches Bob Stoops and Marc Trestman are among the creditors with the largest unsecured claims.
The WWE-backed XFL cancelled the rest of its return season last month because of the coronavirus pandemic. It suspended operations and laid off its employees Friday.
The league said Monday in an emailed statement that it wasn’t insulated “from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.”
“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 said.
The XFL had eight franchises this season and played five games out of a planned 10-game schedule. It drew decent TV ratings early on and had deals with ESPN and Fox.
But spring football is a difficult challenge, as the Alliance of American Football found out in 2019, not lasting a full season.
The XFL also played one season in 2001.
(Associated Press)
I think David Naylor & Rod Black had it right. Ratings dropped every week the league went on. This is the 2nd spring league that went down in 14 months. It’s tough when a lot of people lose jobs & that is the tragedy. But this has been proven over & over again – it’s a bad idea. COVID-19 had a lot to do with it but the reality is that was not the only reason it folded. Not enough fans are interested. That should have been clear long ago.
Alerus Center Grand Forks, Fargo Dome Fargo, Allianz Field St. Paul await CFL team expansion acceptance.