XFL Files for Bankruptcy After a Brief Revival Season
Written by B87FM on April 13, 2020
Alpha Leisure, the corporate that owns the XFL, filed for chapter on Monday, three days after the league suspended operations and laid off its employees.
“The XFL shortly captured the hearts and imaginations of thousands and thousands of people that love soccer,” the league mentioned in a press release. “Sadly, as a brand new enterprise, we weren’t insulated from the tough financial impacts and uncertainties brought on by the Covid-19 disaster.”
The XFL returned in February, 19 years after its first and solely different season. The revived model, initially slated for 10 video games, lasted solely 5 weeks earlier than the season was shut down final month due to the coronavirus pandemic. On the time, league leaders vowed that it could return in 2021. Now that appears unlikely.
In its Chapter 11 chapter submitting, Alpha Leisure mentioned that it had liabilities of between $10 million and $50 million, and that it had 1,000 to five,000 collectors. It additionally listed property of between $10 million and $50 million.
“It is a heartbreaking time for a lot of, together with our passionate followers, gamers and employees, and we’re grateful to them, our tv companions, and the various People who rallied to the XFL for the love of soccer,” the XFL mentioned in its assertion Monday.
The brand new model of the league featured eight groups that have been strategically positioned in cities that had robust soccer fan bases. The groups performed in some N.F.L. stadiums in locations like Seattle, Tampa Bay, Fla., and East Rutherford, N.J. The XFL used guidelines that differed from the N.F.L.’s, together with a coverage to make kickoffs safer by permitting solely the kicker and returner to maneuver earlier than the ball was caught. Each recreation was set to be televised, and gamers did interviews throughout video games.
Each variations of the XFL have been owned by Vince McMahon, the chairman and chief govt of World Wrestling Leisure. As a way to reboot the XFL, McMahon sold shares of W.W.E. inventory with an estimated worth properly over $100 million, based on a number of information reviews.
The X.F.L. is simply the newest skilled soccer start-up to fail, becoming a member of the Alliance of American Soccer, which shut down in 2019 after taking part in a portion of 1 season.