XFL Files for Bankruptcy After Shutting Down Because of Coronavirus Pandemic

The XFL declared for bankruptcy Monday, per Eriq Gardner of the Hollywood Reporter, just days after suspending operations amid the COVID-19 pandemic.

ESPN's Kevin Seifert and Field Yates reported Friday that the league had laid off nearly its entire staff and did not have plans to return for the 2021 season.

The XFL is owned by WWE Chairman and CEO Vince McMahon's Alpha Entertainment. Per Seifert and Yates, WWE said in a statement Friday: "Given the uncertainty of the current environment, the XFL has suspended operations and is evaluating next steps."

The league suspended play March 12 and canceled the season March 20, though the progression from that to laying off employees and declaring bankruptcy was swift. One factor that may have influenced McMahon to pull the plug is that "WWE's stock price has dropped by 42 percent this year to date," per Seifert.

Another factor in shuttering the league may have been reduced interest as the season played out. As Seifert noted, the XFL "received strong Week 1 reviews and an average of 3.12 million viewers per game. But the average dropped every week and hit about 1.5 million in Week 5, a decrease of 51 percent."

It's the second time the XFL has been one-and-done. The league was first created in 2001 and lasted just one season.

But the second iteration was a far better product, met better reviews and even created opportunities for a number of its players to sign with NFL teams. It appeared on track to potentially become as close to a professional minor league as the NFL has (outside of college football, which acts as the NFL's unpaid, de facto minor league system).

As the coronavirus pandemic halts professional sports leagues around the globe, however, the XFL ended for a second time shortly after it was revived.