XFL for sale amid bankruptcy proceedings

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The XFL is pursuing a potential sale of its brand as part of ongoing bankruptcy proceedings after the coronavirus pandemic forced the league to shut down midway through its inaugural season.

The shuttered league aims to sell its name, trademarks and other intellectual property in a potential deal that would require a judge’s approval by July 15, XFL attorneys said at a Wednesday hearing in U.S. Bankruptcy Court in Delaware. XFL also outlined plans to sell merchandise, equipment and other gear from its eight teams.

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“Like so many businesses and Americans, the XFL wasn’t immune from the COVID-19 pandemic,” XFL attorney Michael Lunn said during the hearing, according to the Wall Street Journal.

An XFL representative did not immediately return a request for further comment on the potential sale.

The XFL plans to hire an investment bank to spearhead a potential sale, the newspaper reported. It’s unclear if league officials have set a sale price.

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Like most other U.S. sports leagues, the XFL suspended its season in mid-March after federal and state authorities enacted shelter-in-place guidelines and bans on mass gatherings that made it untenable to continue play.

XFL executives initially said the league would return for a 2021 season. However, the league ultimately conducted mass layoffs and filed for Chapter 11 bankruptcy last Monday.

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The bankruptcy filing noted the XFL had between $10 million to $50 million in both assets and liabilities. World Wrestling Entertainment CEO and league founder Vince McMahon controlled 100 percent of the XFL’s Class A shares and 76.5 percent of its Class B shares. WWE held the remaining ownership interest.

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