XFL files for bankruptcy after cancelling inaugural season

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In theory, the Chapter 11 designation would also allow the XFL to continue operations. Filings show that Ticketmaster, the league's ticketing partner, is owed over $650,000.

In the Chapter 11 filing, the league listed both assets and liabilities in the $10-$50 million range.

Alpha's largest creditors include the St. Louis Sports Commission - owed $1.6 million - and XFL coaches Bob Stoops and Marc Trestman, owed nearly $2 million combined, court papers show. In a DE bankruptcy court filing, the XFL listed between $10 million and $50 million in debts and an equal amount in assets.

Broadcasting services provider Bexel NEP is the second-largest creditor on the list and it is owed $1.2 million by the league.

WWE CEO Vince McMahon personally owned 76.5 percent of the XFL's Class B stock and 100 percent of its Class A stock and WWE itself owned 23.5 percent in Class B stock, according to documents published by Darren Rovell.

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The league laid off all its employees and suspended operations Friday. Vince McMahon and other WWE officials had previously denied that WWE had an equity stake in the XFL.

The league will aim to use its bankruptcy to sell off assets, the most significant of which are the XFL brand, trademarks, and intellectual property like its slogan, "For the Love of Football", Pollack said. Named after the USA bankruptcy code 11, corporations generally file Chapter 11 if they require time to restructure their debts.

Sports have been brought to a standstill by the virus supposedly costing the nascent league "tens of millions in revenue" after its regular-season games and playoffs were canceled.

The league said on Monday in a news release that it wasn't insulated "from the harsh economic impacts and uncertainties caused by the COVID-19 crisis".

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