Vince McMahon’s XFL Files Bankruptcy, Hopes to Sell Assets

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WWE Chairman Vince McMahon's reputation reportedly took a hit among those in the business community after the XFL filed for Chapter 11 bankruptcy this week.

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.

As Wrestling Inc. reported earlier today, the XFL filed for Chapter 11 bankruptcy on Monday.

"The XFL quickly captured the hearts and imaginations of millions of people who love football", the league said in a statement. McMahon owns all the Class A shares in the league. It is possible someone could buy the league, but it seems more likely spring football is done for the foreseeable future after failures - for different reasons - of the Alliance of American Football and the XFL the past two springs.

The largest creditor listed in the filing is the St. Louis Sports Commission ($1.6 million) but seven of the eight head coaches rank among the top creditors. Among the listed creditors are head coaches Bob Stoops and Marc Trestman, who are owed $1 million and $737,000, respectively.

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Though the league was suspended in March, the league paid employees through the end of the regular season, plus any accrued vacation days.

A source close to the league revealed to The Hollywood Reporter that the league plans to maximize the value of its assets in order to pay creditors and has begun the process of seeking a buyer.

That came to a screeching halt last week when the XFL notified season ticket holders that they would be refunding deposits for 2021.

When he announced his intention to resurrect the XFL in January 2018-the league was first launched in 2001 but folded after its inaugural season-McMahon pledged back the investment with $500 million from his own pocket and repeatedly insisted WWE and the XFL were operated as completely separate entities.

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