XFL officially filed for bankruptcy just days after folding the league, TMZ Sports learned.
A spokesperson told TMZ
"The XFL quickly captured the hearts and imaginations of millions of people who love football.
Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.
Accordingly, we have filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code
This is a heartbreaking time for many, including our passionate fans, players and staff, and we are thankful to them, our television partners, and the many Americans who rallied to the XFL for the love of football."
Sources tell TMZ that the COVID-19 pandemic caused them to lose 10s of millions of dollars due to wiping out regular and playoff season games.
Despite the huge blow, employees were paid full wages up until April 12 as well as any accrued vacation days.
The US Courts website has information on what a Chapter 13 is, so encourage users to read up on it. The poster of this news article has no background or knowledge on the subject, so go easy please.
Follow us on @WNSource
Follow us on Instagram
LIKE us on Facebook
⚡ News tip? Email firstname.lastname@example.org