The XFL suspended operations Friday morning, and on the first business day since the news broke, the league’s parent company reportedly has filed for Chapter 11 bankruptcy.
The filing, officially made by Alpha Entertainment, listed the XFL with assets and liabilities each in the range of $10 million to $50 million, according to ESPN.
In a statement sent to ESPN, the XFL attributed its decision to the coronavirus pandemic.
“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.”
Owner Vince McMahon, the chairman and CEO of the WWE, has not spoken publicly about either the suspending of operations or filing for bankruptcy.
The XFL returned in January 2018 before debuting in February of this year. The league made it through five weeks of the 2020 season before suspending, and ultimately canceling, its season due to the coronavirus pandemic.