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How Vince McMahon’s XFL Went from Rising Sports League to Bankruptcy in Two Months
Posted
July 9, 2020
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2:24Now PlayingThe Houston Roughnecks were undefeated and had the best record in the inaugural season of the XFL, a new professional football league, when Covid-19 forced every major U.S. sports league to suspend their seasons.
Alpha Entertainment, founded by World Wrestling Entertainment mastermind Vince McMahon, lost tens of millions of dollars in revenue when it canceled the remainder of the XFL season and fired about 500 football players.
As it prepared to file bankruptcy, McMahon lent the company $9 million with its assets as collateral, but he withdrew his bid to buy it out of bankruptcy in time for the 2021 season after other creditors complained. Now the company hopes to sell itself to another buyer in an auction next month.
The premature demise of the league wasn’t bad news for everyone, though. Roughneck quarterback P.J. Walker, who led the XFL in touchdowns before the shutdown, signed with the NFL’s Carolina Panthers for a reported two-year $1.6 million contract.
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