The XFL is officially done.
Late last week the XFL told employees they were getting laid off because league was suspending day to day operations.
https://twitter.com/KonnorFulk_XFL/status/1248645458798526465
On Monday, the XFL filed for bankruptcy after owing a ton of money to coaches and others.
The XFL has gone down, and gone down hard – today there was a Chapter 11 bankruptcy filing in Delaware. Assets/liabilities both listed in $10-50m range. Lot of pain out there in a lot of different places, but this is still such a sweeping turn of events from where they were…
— Eric Fisher (@AEricFisher) April 13, 2020
Among XFL's creditors: broadcast services outfit NEP ($1.2M), Dallas coach/GM Bob Stoops ($1.1M), coaching tech firm XOS ($888K), ticket sales agent Elevate ($856K), ticketing partner Ticketmaster ($655K).
— Eric Fisher (@AEricFisher) April 13, 2020
TMZ spoke to a league spokesperson who said they were forced to file for bankruptcy after losing “tens of millions” in revenue to the health crisis that has shutdown
Via TMZ
A league spokesperson tells us, “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.”
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.
Despite on losing out on millions, employees were paid their full wages up to April 12th
We’re told … despite the financial blow, employees were paid full wages up until April 12 as well as any accrued vacation days.
We’re also told the XFL will refund ticket holders, and are currently in that process.
It’s really unfortunate that the league was forced to shutdown because of a global pandemic.