wrestling / News
XFL Bankruptcy Filing Rumored to Have Hurt Reputation of Vince McMahon, McMahon Allegedly Spent Less on XFL Revival Than What Was Earmarked
As previously reported, the latest iteration of the XFL filed for bankruptcy this week. The news came after the announcement that the league would be shutting down operations and laying off staff as of last week. According to Dave Meltzer on today’s edition of Wrestling Observer Radio, the bankruptcy filing by the XFL has hurt the standing and reputation for founder and WWE Chairman Vince McMahon.
Per Meltzer after speaking to sources in New York, Vince McMahon declaring bankruptcy for the XFL “in a sense” hurt his reputation because Meltzer’s sources know McMahon is worth “billions” and that he reportedly earmarked $300 million to spend on the XFL revival. Meltzer states that despite earmarking $300 million for the return of the XFL, McMahon did not end up spending that much on it. He added, “Essentially, he’s [Vince] screwing the people who he worked with: the coaches, the arenas, the stadiums I should say. A lot of the people he owed money to are the stadiums.”
A report on the league’s bankruptcy stated that the XFL hopes to maximize its asset value in order to pay creditors, and the process is underway to find a potential buyer.
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