The XFL filed for bankruptcy Monday and there were fascinating details in the league’s paperwork.
When the XFL was reborn in 2018 after a disastrous 2001 season, Vince McMahon said he was the sole funding source for the league. The initial outlay was expected to be around $100 million, the amount of WWE stock McMahon sold in December 2017, and put into Alpha Entertainment, the company that was the foundation for the league.
“I wanted to do this since the day we stopped the other one,” McMahon told ESPN in an exclusive interview. “A chance to do it with no partners, strictly funded by me, which would allow me to look in the mirror and say, ‘You were the one who screwed this up,’ or ‘You made this thing a success.'”
However, the bankruptcy filing shows that while the sports-entertainment impressario owned 76.5% of the league, the remainder belonged to WWE.
The reality is while the XFL faced a monumental uphill battle to succeed, this was nothing like its 2001 incarnation. The coaches and players stuck to football. Commissioner Oliver Luck put together a strong, innovative team that added clever spins to the game.
Based on the filings, the league has between $10-50 million in both assets and liabilities. Some of the creditors were clear-cut, such as the league’s coaches: Bob Stoops ($1,083,333.33), Mark Trestman ($777,777.78), Jonathan Hayes ($633,333.33), and Winston Moss ($583,333.33). Luck had a $20 million contract with the league. What financial responsibility McMahon will have to the commissioner has been an intriguing point.
For the complete filing, click here,
