The XFL is hoping bankruptcy will give the dormant football league enough leeway to find a buyer within the next three months, WSJ Pro Bankruptcy reported. Lawyers for the XFL outlined plans to sell the league during its debut hearing yesterday in the U.S. Bankruptcy Court in Wilmington, Del. A $3.5 million loan offered by XFL founder and World Wrestling Entertainment Inc. Chairman Vince McMahon includes milestones that require a judge to approve a potential sale by July 15. The league is selling the XFL brand name, trademarks and related intellectual property including the slogan “For the Love of Football.” The XFL is also seeking to sell merchandise, equipment and rights to its eight teams, which are owned by the league rather than individuals, court papers say. The XFL is looking to hire an investment banker to administer what it hopes will be a “robust sale and marketing process,” the league’s lawyer Matthew Lunn said during the telephone hearing. The football league, which broadcast games on ESPN, Fox Sports and ABC, filed for chapter 11 this week after shutting down what had been a promising inaugural season because of the novel coronavirus.
