St. Louis largest listed creditor in XFL bankruptcy filing


ST. LOUIS (KMOX/AP) - The XFL filed for bankruptcy on Monday, bringing some further truth to reports that the second iteration of the league is likely coming to a close. 

The official filing for Chapter 11 bankruptcy was made on Monday by Alpha Entertainment. Photos of the report have been shared on social media and show the St. Louis Sports Commission as its largest creditor, at $1.6 million. The filing is reportedly a mistake and St. Louis Convention and Visitors Commission, not the St. Louis Sports Commission, is the correct creditor. Seven of the league's eight coaches are also among the top creditors, including Bob Stoops at $1.083 million and Marc Trestman at $777,777.

XFL has filed for Chapter 11 bankruptcy listing both assets and liabilities in the range of $10-50 million.There is a breakdown of ownership with WWE listed in control of 23.5% of Class B shares with the rest held by Vince McMahon.Attached are the top eight creditors.

— John Pollock (@iamjohnpollock) April 13, 2020

The XFL attributed its decision to the ongoing coronavirus pandemic and released this statement:

"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."

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).

— Darren Rovell (@darrenrovell) April 13, 2020

The XFL had eight franchises this season and played five games out of a planned 10-game schedule. It drew decent TV ratings early on and had deals with ESPN and Fox.

The XFL's inaugural season was cut short due to the coronavirus, just before St. Louis was set to host Los Angeles and getting close to selling out the entire Dome at America's Center. 

All players will be paid their promised salary and benefits for the rest of this season and the league previously said it planned on playing a full season in 2021 and beyond.All ticketholders – including the more than 40,000 who bought tickets for the Rock the Dome game scheduled for March 21 – were issued refunds or given credit toward future games.

But spring football is a difficult challenge, as the Alliance of American Football found out in 2019, not lasting a full season.

The XFL also played one season in 2001.

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