XFL Files for Bankruptcy Days After Laying off All Employees

The XFL has filed for bankruptcy just days after suspending operations and laying off all of its [...]

The XFL has filed for bankruptcy just days after suspending operations and laying off all of its employees, according to Pro Football Talk. The Chapter 11 bankruptcy listed both assets and liabilities in the range $10 million to $50 million, Coach Bob Stoops and Marc Trestman are among the top creditors listed. According to the documents, Stoops is owned $1.083 million, while Testman is owned $777,777.

"The XFL quickly captured the hearts and imaginations of millions of people who love football," the league said in a statement. "Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis. Accordingly, we have filed a voluntary petition for relief under Chapter 11 of the U.S. 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."

Last week, the XFL announced it was suspending operations due to the coronavirus pandemic. In March, the league announced it was ending the 2020 season five weeks in. The statement back in March said: "The COVID-19 pandemic, and the most recent local and state regulations, have left the XFL no choice but to officially cancel the remainder of the 2020 season," the XFL said in a statement in March."This decision has been made with the health and safety of the entire XFL family as our top priority. While we are disappointed to not complete the 2020 season, our hearts are full of appreciation for your overwhelming support."

The statement continued: "Your passion, your commitment to your favorite XFL team and your love of football made our season a success beyond our wildest dreams. We're grateful for the incredible response and look forward to playing full seasons for you -- and with you -- in 2021 and beyond. When our teams return to the field, we'll make every effort to ensure your faith in us is rewarded with even more fun and excitement. Your passion is our purpose, and everything we do, every day and for every season to come, is For the Love of Football. We hope you will stay connected to our league and team social and digital channels for news, features, and updates along the way."

2020 was the first season of the XFL after being founded in 2018. It began the season in February, and the Houston Roughneck finished the year as the only undefeated team with a 5-0 record. It's very likely the league won't return in 2021, and it's also likely there won't be any spring football in the foreseeable future.