Vince McMahon says he will not attempt to reclaim XFL
Posted On July 26, 2020
In a filing Tuesday in U.S. bankruptcy court, WWE chairman and now-former XFL owner Vince McMahon said he will not be a bidder to reclaim his football property.
The Athletic reported recently that sources indicated McMahon was going to make a run at the property and remaining league personnel were already contacting cities for a potential return. That raised concerns with unsecured creditors who thought McMahon was trying to do an end-around with the process without paying back league debtors.
That appears that will not be the case as he called any notion he would do so “inflammatory rhetoric and unsubstantiated accusations.” According to Ben Fischer of the Sports Business Journal, he made the decision last week.
McMahon also claimed he put in more than $200 million into the league relaunch, one that called it a season after just five games due to the pandemic. The league filed for bankruptcy in mid-April and former league commissioner Oliver Luck is suing McMahon in an effort to claim the majority of the millions he is owed on his contract.
Fischer noted that 20 bidders have submitted NDA agreements with another six planned to complete the process, indicating strong interest in the assets and a desire to relaunch in 2021.