Alpha Entertainment Parent Company Of The XFL Files For Bankruptcy

• Alpha Entertainment, owned by WWE owner Vince McMahon, has filed for bankruptcy
• The XFL laid off all its employees on Monday after suspending the 2020 season due to the coronavirus.
• The XFL will be put up for sale as the owners try to pay off their debts.

TAMPA — The XFL showed more promise than any other upstart professional football league outside of the NFL. However, the XFL is the latest victim of the coronavirus pandemic in the sports world as the league had already suspended its inaugural season.

Days after laying off all workers, the XFL’s parent company Alpha Entertainment has filed for bankruptcy, putting an end to the short-lived football league.

The XFL was a breath of fresh air for football fans and bettors alike especially since the league started the week after the NFL’s season ended. The league embraced sports betting and had some distinct differences from the NFL.

This is the second time the XFL has been forced to shut down the league early as McMahon’s previous attempt to start the league in 2001 ended after one season as well.

In a statement to fans, the XFL said “Accordingly, we have filed a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code. This is a heartbreaking time for many, including our passionate fans, players and staff, and we are thankful to them, our television partners, and the many Americans who rallied to the XFL for the love of football.”

The league during its brief time had eight teams in the league and had secured major television deals with networks like ABC, ESPN, and FOX Sports.

The XFL also had partnerships with major sports betting companies such as PointsBet, DraftKings and FOX Bet. Currently, the XFL remains in debt and will likely be sold to pay off the remaining debts of the league.

As time goes on and the coronavirus pandemic subsides, it’ll be interesting to see who buys the XFL and tries to reboot the alternative football league for the third time.

News tags: ABC | Alpha Entertainment | Coronavirus | ESPN | FOX Sports | NFL | Vince McMahon | XFL