1. Vince McMahon Could Bring Back The XFL After The COVID-19 Pandemic
Vince McMahon filed for the bankruptcy of the returning XFL last month, after the Coronavirus pandemic started giving it big blows due to the absence of fans.
However, McMahon may have not just given up on years of hard work just yet. According to a report from The Athletic’s Daniel Kaplan, we could be in for the third coming of the XFL.
The report says that McMahon is actually trying to force a quick sale of the defunct league’s assets to him in an attempt to reboot the rebooted league once again when the pandemic is over.
Things are a bit complicated, but legal proceedings about the league’s bankruptcy indicate strange developments. It’s speculated that the declaration of bankruptcy could be a tactic to avoid paying full costs of operating the league.
Below is the report:
“A committee of unsecured creditors had plenty to say Tuesday in a series of court filings. Objecting to Alpha Entertainment’s proposal to pay $3.5 million in season ticket refunds, the committee wrote, “This is an unnecessary expenditure designed to buttress the Debtor’s argument that an abbreviated sales process is required and is being sought to further the efforts of the debtor’s controlling equity holder/secured lender, Vincent McMahon (“McMahon”), to acquire the debtor at a fire-sale price. … The debtor cannot possibly know at this time whether issuing refunds to season ticket holders will preserve the value of the debtor estate’s or benefit any creditor, other than possibly McMahon.
In other words, the only reason to pay season ticket holders for games they did get would be to ensure goodwill to McMahon for if and when he returns with the XFL. The season ticket holders are unsecured creditors, so the chances they get paid in an orderly liquidation would be remote.
The committee also questioned why XFL headquarters is still open and executives like Pollack are drawing salaries.”
XFL was doing better than before, so it wouldn’t be a surprise if Vince McMahon brings it back.
