XFL Owner and WWE Chairman Vince McMahon said Tuesday that he is no longer interested in purchasing the XFL in a buyback for the ages.
McMahon ha promised $500 million to be invested into the XFL over the following three years but due to the coronavirus, it was revealed in his court filing he had already invested $200 million in the past few years of his own money.
Rumors surfaced last week by the Athletic that McMahon filing chapter 11 bankruptcy months ago was part of a masterful plan. Even creditor’s believed there was a maniacal plan to buyback the XFL all along to avoid paying who he owed and wiping the XFL’s slate debt-free that was hit drastically due to the coronavirus.
McMahon indeed filed for bankruptcy in April but called the buyback rumors in a court filing Tuesday “unsubstantiated” and “inflammatory.” McMahon claims he had reserved a legal right to buyback the league because he wanted to make sure he reserved the right to do so of his feelings we’re still the same. However, his mind is made up now, with the rumors pushing him away from the decision to do so.
“I don’t know why that’s out there, making me out to be the bad guy, [that] I’m going to buy the XFL back for pennies on the dollar, basically,” McMahon said in the deposition. “That helped me move into the direction of, ‘I’m not going to be a bidder, not going to have anything to do with it.’ I do hope that someone will pay a lot of money for it, and I do hope that it will survive.”
As a fan of the XFL then and now, this bankruptcy definitely leaves a sour taste in your mouth, especially Vince McMahon who is in my opinion one of the greatest entrepreneurs in American history. The lawyers for Mcmahon and alpha entertainment we’re certainly echoing the Chairman’s feelings in a statement later when they said, “Accordingly, all that the committee has managed to do is to chase away a potentially significant bidder for the debtor’s assets.”
According to ESPN, The XFL has hired the Houlihan Lokey brokerage firm to handle the sale. Houlihan Lokey managing director William H. Hardie III said in a filing Tuesday that 20 potential purchasers have signed non-disclosure agreements to gain access to confidential company data. An additional six potential purchasers are in the process of signing similar agreements, according to the filing.
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I bring this up because if you know wrestling, this has been an angle before. Vince was going to buy his competition in World Championship Wrestling, but on simulcast his son, Shane McMahon appeared on his competitor’s flagship program where he purchased WCW from underneath his father.
Is this our of the realm of possibility? No! Why? Something very odd happened during its new inception of the XFL where I saw Shane everywhere at all sorts of games and he was more visible than then founder himself. Here’s hoping it stays in the McMahon family because it just wouldn’t sit right with me that Vince would take another huge loss so publically and allow somebody to flourish where he failed with such a great product.
Vince is getting older and word is the person to take over the reins when he steps down is Shane as he has taken on more responsibilities on a day to day basis in the WWE.
The league is good for players around the country who need a chance or another shot because of whatever reasons. Players want this thing to succeed and football fans want this thing to last. There’s one player (NFL) in this market and more players (XFL, AAF, etc., ) help elevate the sport in my opinion not dilute it.
Or could this all be a swerve from McMahon to take the pressure off himself in the public eye? Here’s hoping it survives and thrives and Vince McMahon or a McMahon has something to do with it.