XFL Files for Bankruptcy

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MarkNelson
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XFL Files for Bankruptcy

Post by MarkNelson » Mon Apr 13, 2020 3:08 pm

As posted by Darren Rovell https://twitter.com/darrenrovell/status ... 16771?s=20

BREAKING: XFL files for bankruptcy. N bankruptcy filing reveals that WWE actually does own part of league (23.5% of Class B stock). Among the creditors — Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K), other coaches ($583K) and MetLife Stadium lease ($368K).
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Tank55
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Re: XFL Files for Bankruptcy

Post by Tank55 » Mon Apr 13, 2020 3:58 pm

WWE was already a known shareholder; that was part of the deal for transfer of the intellectual property.
2020 East Division Champions

Hammerpgh
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Re: XFL Files for Bankruptcy

Post by Hammerpgh » Mon Apr 13, 2020 4:19 pm

I guess that's the end of the road then.. such a shame. So much promise ended by this mad situation we all find ourselves in.

MarkNelson
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Re: XFL Files for Bankruptcy

Post by MarkNelson » Mon Apr 13, 2020 4:41 pm

Hammerpgh wrote:
Mon Apr 13, 2020 4:19 pm
I guess that's the end of the road then.. such a shame. So much promise ended by this mad situation we all find ourselves in.
Yes, it is quite mad isn't it? Thankfully, we still have our health. Here's to keeping it that way!

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XtremeFanForever
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Re: XFL Files for Bankruptcy

Post by XtremeFanForever » Mon Apr 13, 2020 7:32 pm

In case anyone needed confirmation, the declaration submitted to the court by Jeffery Pollack makes it crystal clear: the pandemic is what killed the league.

The league estimates it lost out on $27 million by losing half the regular season, to make no mention of the playoffs. That, coupled with the uncertainty about next season, and liquidity issues created by the current economic uncertainty.
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Sounder
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Re: XFL Files for Bankruptcy

Post by Sounder » Mon Apr 13, 2020 7:48 pm

Even in five very exciting and very short weeks ....this XFL made an impression we will continue to see.....maybe.......expect to see that kickoff eventually in the NFL.....maybe the NFL should just play the XFL way,. it was the most fun I had watching football over the last season. I'm depressed and very sad about this. But good job by all. I will miss interacting with you all. Please be safe and well if you can.

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johnnyangryfuzzball
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Re: XFL Files for Bankruptcy

Post by johnnyangryfuzzball » Mon Apr 13, 2020 8:17 pm

XtremeFanForever wrote:
Mon Apr 13, 2020 7:32 pm
In case anyone needed confirmation, the declaration submitted to the court by Jeffery Pollack makes it crystal clear: the pandemic is what killed the league.

The league estimates it lost out on $27 million by losing half the regular season, to make no mention of the playoffs. That, coupled with the uncertainty about next season, and liquidity issues created by the current economic uncertainty.
So that extrapolates to $54 million plus in revenue. With no explicit TV money. Compare that to the AAF's $12 million revenue. The original XFL had around $30 million in revenue, not counting NBC's buy-in.

As an objective observer, I look at those statistics and I say "yeah, this is viable." This would be the most financially successful professional (outdoor) football league in decades not named the National Football League.

nick1091
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Re: XFL Files for Bankruptcy

Post by nick1091 » Mon Apr 13, 2020 10:42 pm

johnnyangryfuzzball wrote:
Mon Apr 13, 2020 8:17 pm
XtremeFanForever wrote:
Mon Apr 13, 2020 7:32 pm
In case anyone needed confirmation, the declaration submitted to the court by Jeffery Pollack makes it crystal clear: the pandemic is what killed the league.

The league estimates it lost out on $27 million by losing half the regular season, to make no mention of the playoffs. That, coupled with the uncertainty about next season, and liquidity issues created by the current economic uncertainty.
So that extrapolates to $54 million plus in revenue. With no explicit TV money. Compare that to the AAF's $12 million revenue. The original XFL had around $30 million in revenue, not counting NBC's buy-in.

As an objective observer, I look at those statistics and I say "yeah, this is viable." This would be the most financially successful professional (outdoor) football league in decades not named the National Football League.
Well the $27 million is listed as “fan spending on game day items,” which mentions items like food, beverages, merch, etc. so unclear how much of that 27 mil would end up in XFL’s coffers. The filing lists
$14 million in revenue against $44 million in loses at the end of February.

Interesting that the filing indicates they believe their real asset is the name of the league and the teams, and they plan to sell them to pay their creditors and hold an auction if there’s interest from multiple parties. I wonder if any of the networks who broadcasted the league during its run may be interested as a Plan B in case they lose out on the new NFL TV deals; they’ve also all got streaming services that could always use fresh content in those lean months.

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Re: XFL Files for Bankruptcy

Post by 4th&long » Tue Apr 14, 2020 12:12 am

Geez what was he paying these guys or was that for a two year contract.

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XtremeFanForever
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Re: XFL Files for Bankruptcy

Post by XtremeFanForever » Tue Apr 14, 2020 12:20 am

4th&long wrote:
Tue Apr 14, 2020 12:12 am
Geez what was he paying these guys or was that for a two year contract.
I'm assuming two year contract. Given the season (would have) just ended the coaches wouldn't have had many paychecks remaining this league year.
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