XFL files for Chapter 11 bankruptcy – Los Angeles Times

Four lenders are noted as “place expenses” for making use of arenas in East Rutherford, N.J., Houston, Tampa Bay, Fla., and Washington, D.C. The top unsecured creditor is the not-for-profit St. Louis Sports Commission at $1.6 million, followed by a tv broadcasting services company at $1.2 million.

Other financial institutions consist of 47 Brand, a Boston-based apparel company, which is owed $846,000, and XOS Digital, advertising video modifying options for expert sports, at $887,752.

The XFL is owned by World Wrestling Entertainment primary executive Vince McMahon through Alpha Entertainment LLC. According to the bankruptcy filing, WWE owned 23.5% of Class B shares in the league, while McMahon owned all Class A shares and the rest of Class B shares.

A list of the 25 biggest unsecured financial institutions connected to the filing offers an unusual peek inside the costs of an expert sports league, albeit one that played only a handful of games before its inaugural season jolted to a stop.

The lenders include seven of the league’s eight head coaches, led by Bob Stoops of the Dallas Renegades ($1 million) and Marc Trestman of the Tampa Bay Vipers ($777,777). Winston Moss, who acted as coach and basic manager of the Los Angeles Wildcats, is owed $583,333.

Pep Hamilton of the D.C. Defenders is the only coach not noted among the leading 25 financial institutions.

The financial institutions consist of 7 of the league’s 8 head coaches, led by Bob Stoops of the Dallas Renegades ($1 million) and Marc Trestman of the Tampa Bay Vipers ($777,777). Four financial institutions are noted as “place expenses” for the usage of arenas in East Rutherford, N.J., Houston, Tampa Bay, Fla., and Washington, D.C. The XFL is owned by World Wrestling Entertainment chief executive Vince McMahon through Alpha Entertainment LLC.

Three days after the XFL suspended operations, the upstart league that assured “fan-first football” and “less stall, more ball” declared Chapter 11 bankruptcy Monday.

The eight-team league, which

canceled the second half of its debut season last month in action to the COVID-19 break out, all however evaporated with a 15-page document in U.S. Bankruptcy Court in Delaware.

“Unfortunately, as a brand-new enterprise, we were not insulated from the extreme financial effects and uncertainties brought on by the COVID-19 crisis,” the XFL stated in a statement.

The filing approximated the league’s liabilities in between $10 million and $50 million– there are 1,000 to 5,000 lenders– against the exact same variety in assets.

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