Vince McMahon Won't Bid on XFL Assets Amid League's Bankruptcy FilingMay 26, 2020
More than one month after the XFL's parent company filed for bankruptcy, league owner Vince McMahon won't bid on the assets.
In a bankruptcy court filing Tuesday (via ESPN's Kevin Seifert), McMahon said in his deposition that he's "not going to be a bidder" amid claims from the unsecured creditors committee that the WWE chairman would attempt to buy back the XFL without fully paying back debtors.
The Athletic's Daniel Kaplan wrote last week that some XFL creditors felt McMahon was trying to buy back the league, with his sources also saying "XFL president Jeffrey Pollack has called venues in St. Louis and Seattle about reinstating the lease agreements."
Alpha Entertainment, owned and operated by McMahon, announced in Jan. 2018 a revival of the XFL. The league previously ran for one season in 2001 before it folded due in part to financial losses around $35 million after taxes.
Darren Rovell wrote for ESPN.com in June 2018 that McMahon was planning to spend $500 million over the XFL's first three comeback seasons to pay players, coaches and cover insurance premiums.
The XFL's return season ended March 12 amid the coronavirus pandemic. The league filed for bankruptcy April 13, three days after suspending operations, and listed assets and liabilities between $10 million to $50 million.