Vince McMahon will put the XFL up for sale

Vince McMahon will put the XFL up for sale

Three days after the XFL suspended operations, the upstart league that promised "fan-first football" and "less stall, more ball" filed for Chapter 11 bankruptcy Monday.

The league will aim to use its bankruptcy to sell off assets, the most significant of which are the XFL brand, trademarks, and intellectual property like its slogan, "For the Love of Football", Pollack said.

McMahon will help wind down the business during the Chapter 11 case, according to the petition.

Sources tell us ... the COVID-19 pandemic, which essentially shut down the league - caused the XFL to lose "tens of millions in revenue" since it wiped out regular-season games and playoff games.

But Monday's action, which follows mass layoffs late last week, makes the future anything but clear.

This was the second attempt by WWE chairman McMahon to create a spring professional football league, following an earlier failed attempt in 2001. The largest creditor was listed as the St. Louis Sports Commission at $1.6 million. Among the creditors, the league listed head coaches Bob Stoops ($1 million), Marc Trestman ($777K), Jonathan Hayes ($633K), and Winston Moss ($583K).

On Friday, however, the league moved to halt all operations, dismissing most of its employees and announcing it had no plans to return next year. The Hollywood Reporter added that the league wants to maximize the value of its assets in order to pay creditors, so they have started the process of seeking a buyer.

However, the bankruptcy filing shows that while the sports-entertainment impressario owned 76.5% of the league, the remainder belonged to WWE.

The filing in U.S. Bankruptcy Court in DE estimates the organization has between $10,000,001 and $50 million in both assets and liabilities. They also know that he hasn't spent $300 million on the league yet.

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