Vince McMahon Says He Will Not Bid on the XFL After His Bankruptcy
The Athletic had published an article saying that XFL creditors believed that XFL founder Vince McMahon was attempting to buy back the league at a “fire-sale price” after it recently declared bankruptcy. However, Vince McMahon reportedly claimed he will not bid on the bankrupt football league, per ESPN’s Kevin Seifert.
During a filing today (May 26) in bankruptcy court, Vince McMahon stated he will not be a bidder for the XFL. Additionally, the unsecured creditors committee had previously objected to the proceeding by claiming McMahon was trying to rig the process in order to buy back the league without actually paying back the debtors in full. So, it appears McMahon submitted a new filing that he will not bid on the XFL.
As noted, the unsecured creditors suspected that McMahon was attempting to ride out the COVID-19 pandemic and the current economic crisis in the world. This would allegedly result in McMahon avoiding paying the operating costs for the league, and he’d be able to reacquire later for a bargain price.
However, as of today, McMahon is denying this is the case on his end. The XFL relaunched earlier this year through his management company Alpha Entertainment and 20 percent WWE. The new season was cut short due to the coronavirus pandemic. All of the employees were later let go, aside from a small number of executives.
In a filing today in bankruptcy court, Vince McMahon said he will not be a bidder for the XFL. The unsecured creditors committee had previously objected to the proceedings, saying McMahon was trying to rig the process to buy back the league without fully paying back debtors.
— Kevin Seifert (@SeifertESPN) May 26, 2020