XFL owner Vince McMahon said Tuesday in bankruptcy court that he will not attempt to buy back the league.
In a court filing, McMahon called accusations that he was secretly maneuvering to use Chapter 11 as an avenue to cheaply retain the XFL “inflammatory” and “unsubstantiated.”
The XFL filed for bankruptcy on April 13 in Delaware district court, three days after laying off nearly its entire staff, citing the unforeseen impact of the coronavirus pandemic.
McMahon then put the league up for sale, but the court’s committee of unsecured creditors claimed last week that McMahon had set up a “fire sale” bidding process that would rig the process in a way that would allow him to buy back the XFL without repaying its debts.
Flip the Page to Read the Report: