The coronavirus pandemic is affecting every organization possible, and XFL is the latest to be severely impacted by the spread of COVID-19.
According to TMZ Sports, the XFL has filed for bankruptcy.
In a statement to the outlet, a spokesperson for the league explained that the organization “quickly” found its way into the hearts of millions, but they weren’t financially ready for the current pandemic.
“The XFL quickly captured the hearts and imaginations of millions of people who love football,” the spokesperson said. “Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.”
So as a result, the league has been left with no other option but to file bankruptcy.
“Accordingly, we have filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code,” they added.
Sources also told the outlet, that as a result of the coronavirus causing the abrupt halt and cancelation of current sports seasons, the XFL was no exception and lost “tens of millions in revenues,” after having to wipe out the regular season and playoff games.
Although the league took a huge loss, as of April 12, they were still playing employees’ full-time wages and accrued vacation days.
The XFL is in the process of refunding ticket holders.
