Brutal Details of XFL's Bankruptcy Filing Revealed

Just three short days after the XFL suspended its operations and laid off almost the entirety of its staff, the league has formally filed for bankruptcy.

The XFL announced that it filed a petition for relief under Chapter 11 of the United States' Bankruptcy Code. Among the creditors, the league listed head coaches Bob Stoops ($1 million), Marc Trestman ($777K), Jonathan Hayes ($633K), and Winston Moss ($583K). Also listed as a creditor was Ticketmaster ($368K).

The lease on MetLife Stadium, which is reportedly worth $368K, was included in the petition.

BREAKING: XFL files for bankruptcy. N bankruptcy filing reveals that WWE actually does own part of league (23.5% of Class B stock). Among the creditors — Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K), other coaches ($583K) and MetLife Stadium lease ($368K). pic.twitter.com/PRj3CXAnkv
— Darren Rovell (@darrenrovell) April 13, 2020

Vince McMahon, the CEO and president of the WWE, originally pledged nearly $500 million to exemplify his commitment to the league's highly-anticipated reboot. Per the bankruptcy filings, the WWE actually owned over 23% of the XFL's Class B shares.

Among the other creditors featured were St. Louis Sports Commission ($1.6 million) and Elevate Sports Partners ($856K).

According to Front Office Sports, the XFL has between $10-50 million in assets and obligations.

The XFL has filed for bankruptcy.

Based on the filings, the league has between $10-50 million in both assets and liabilities.

Creditors include:

➖ St. Louis Sports Commission: $1.6M

➖ Elevate Sports Partners: $856,000

➖ Ticketmaster: $655,000 pic.twitter.com/Hihbf4wqE6
— Front Office Sports (@frntofficesport) April 13, 2020

The XFL was five weeks into its first season since 2001, and early indicators suggested that the league was going to be renewed for another year. However, the COVID-19 pandemic has changed everything.

Considering the "limited" funding at the XFL's disposal, this news should have been expected after it was revealed that nearly all of the league's employees were summarily fired. What was once a feel-good comeback story has officially free-fallen and hit rock bottom.