World Wrestling Entertainment Inc. Chairman Vince McMahon has put the XFL into bankruptcy and will attempt to sell his professional football league, which was forced to cancel what had been a promising reboot season because of the coronavirus pandemic, WSJ Pro Bankruptcy reported. McMahon has agreed to lend the league up to $3.5 million to fund its chapter 11 case and proposed sale process, according to court papers filed in U.S. Bankruptcy Court in Wilmington, Del. “The debtor is optimistic that the sale process will generate significant interest from potential purchasers, and the debtor intends to hold an auction for its assets if it receives multiple bids in accordance with court-approved bid procedures,” XFL President and Chief Operating Officer Jeffrey Pollack said in a declaration filed with the court. The XFL suspended its season after announcing in March that a player on the Seattle Dragons tested positive for COVID-19.
