XFL files for Chapter 11 bankruptcy, with an eye-opening list of creditors it owes [Los Angeles Times (CA)]
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Source: Los Angeles Times
Three days after the XFL suspended operations , the upstart league that promised “fan-first football” and “less stall, more ball” filed for Chapter 11 bankruptcy Monday. The eight-team league, which canceled its season last month in response to the COVID-19 outbreak , all but evaporated with a 15-page document in U.S. Bankruptcy Court in Delaware. “Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis,” the XFL said in a statement. The filing estimated the league’s liabilities between $10 million and $50 million — there are 1,000 to 5,000 creditors — against the same range in assets. A list of the 25 largest unsecured creditors attached to the filing provides an unusual glimpse inside the expenses of a professional sports league, albeit one that played only a handful of games before its inaugural season jolted to a stop. The creditors include seven of the league’s eight head coaches, led by Bob Stoops
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