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Report: XFL targets new owner after bankruptcy filing

Getty Images The XFL spring football league is searching for a new owner after filing for Chapter 11 bankruptcy last month, according to Axios. The eight-team league, backed by World Wrestling Entertainment (WWE) mogul Vince McMahon, cited the coronavirus pandemic as the result for its decision to file for bankruptcy, just months after the start of its return season. However, it had been suggested at the time that the XFL was not finished altogether, with ESPN and the Sports Business Journal (SBJ) reporting that the league was up for sale. Now, US news website Axios has reported that investment bank Houlihan Lokey is managing the proposed sale, with letters of intent due by 12th June, followed by formal bids due on 6th July. XFL cites Covid-19 crisis as it files for bankruptcyIn a bid to drum up interest, the XFL has claimed it was on track to generate US$46 million in revenue during the 2020 season, before it was cut short due to the Covid-19 health crisis. The league cites average game attendance of nearly 20,000, with an attendee net promoter score of 66, as well as 1.

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https://www.sportspromedia.com/news/xfl-new-owner-sale-investment-houlihan-lokey-vince-mcmahon

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