The XFL shut down in April and since then there has been talk of what will happen next. Now, the word is Vince McMahon will not bid on the XFL.
On May 19, The Athletic reported that those in the XFL believed McMahon would try to buy the league out of bankruptcy. The creditors of XFL had opposed any actions of the sort from McMahon, claiming the process would see him buy back the league without paying its debtors.
Here is what the creditors said in their fillings:
“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.”
Now, McMahon has said he will not bid on the XFL via a tweet from ESPN’s Kevin Seifert.
In a filing today in bankruptcy court, Vince McMahon said he will not be a bidder for the XFL. The unsecured creditors committee had previously objected to the proceedings, saying McMahon was trying to rig the process to buy back the league without fully paying back debtors.
— Kevin Seifert (@SeifertESPN) May 26, 2020
Either way, it seems there is still much to unfold before the XFL is laid to rest once again.
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