Published 19:27 IST, April 15th 2020
How much did Vince McMahon invest in XFL? XFL files for bankruptcy after laying off staff
Rebooted American football league XFL has filed for bankruptcy post the coronavirus pandemic. Here is a look at how much did Vince McMahon invest in XFL.
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The coronavirus pandemic saw the XFL slip into bankruptcy, potentially spelling the end of the second edition of the American football league. The eight-team football league was first started by WWE CEO McMahon in 2001 before returning with a new season in 2020, which was halted midway due to the coronavirus pandemic. Here is a look at how much did Vince McMahon invest in XFL, the XFL bankruptcy case and the Vince McMahon net worth figure.
XFL has filed for Chapter 11 bankruptcy listing both assets and liabilities in the range of $10-50 million.
— John Pollock (@iamjohnpollock) April 13, 2020
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. pic.twitter.com/BNsgV1NEKt
Vince McMahon XFL bankruptcy: How much did Vince McMahon invest in XFL?
The XFL was an eight-team American football league divided equally between the East and West divisions and operated after the NFL season ends. The XFL operated as a single entity with all teams owned by the league, unlike other professional leagues where individual franchises have individual owners. So how much did Vince McMahon invest in XFL? ESPN had reported in 2018 that McMahon was expected to spend $500 million in the reboot league’s first three seasons. Multiple reports suggested that Vince McMahon was set to lose a steep $375 million figure in the first three years of the XFL relaunch.
Vince McMahon XFL Bankruptcy: How much did Vince McMahon invest in XFL?
The XFL 2020 season was cancelled because of the coronavirus pandemic midway through its return season. It suspended operations and laid off its employees on Friday. Later, the XFL bankruptcy news broke out and the league in a statement stated that coronavirus was not the sole reason for the debacle. The XFL drew solid TV ratings early on and boasted of broadcast deals with ESPN and Fox. However, like the Alliance of American Football was shut midway through its inaugural season, the XFL also saw the same fate.
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How much did Vince McMahon invest in XFL? Vince McMahon net worth
Vince McMahon is the majority proprietor, chairman and CEO of WWE, and the founder and owner of Alpha Entertainment, which is the holding company of the XFL. The Vince McMahon net worth figure currently stands at a staggering $1.9 billion (₹14.5 billion) according to Forbes. McMahon's WWE rakes in $1 billion in annual revenue according to Forbes and is linked with a move to take over Premier League club Newcastle United.
Disclaimer: The above Vince McMahon net worth information and XFL stake information is sourced from various websites and media reports. The website does not guarantee a 100% accuracy of the figures.
19:27 IST, April 15th 2020