McMahon claims he will not be involved.
If the old adage of the third time is a charm applies to the XFL, the twice failed Vince McMahon creation will be going on without Vince McMahon. The future of the league is being played out in a bankruptcy court and now McMahon said in a court deposition that he is not trying to buy the league in a bankruptcy proceeding. But there are dozens of potential bidders waiting for the opportunity to take over the league. Whether that is true or not will become apparent on June 12th as the court is supposed to get letters of intent by that date with final bids for the economically distressed entity due on July 6th. The XFL suspended play on March 12th after the COVID-19 illness forced the National Basketball Association and other sports leagues and organizations to shut down. McMahon folded the league on April 10th and filed for bankruptcy on April 13th in a Delaware court. McMahon is also in a legal battle with former XFL Commissioner Oliver Luck. McMahon’s attorneys claim that McMahon invested $200 million of his own money in getting the league off the ground. The XFL played just five weekends of football.
At the moment, the league has no employees and many creditors. But there could be a number of cities that need tenants in municipal venues and rent money that might be interested in the product. The XFL did have some television deals but did not get much money from the agreements. It is hard to imagine ant that networks would be ready to shower a third version of the XFL and give anything more than a revenue share of advertising dollars. The XFL did well in St. Louis and Seattle but failed to draw interest in other cities. Spring football leagues don’t work. The leagues have a good first week then interest wanes.