According to ESPN, the XFL has filed for Chapter 11 bankruptcy a day after suspending operations. The league's parent company, Alpha Entertainment, listed the XFL with assets and liabilities around $10 million to $50 million. The St. Louis Sports Commission was listed as the league's largest creditor in addition to seven of the XFL's eight head coaches. The league cited the coronavirus as a major reason behind the bankruptcy filing:
"The XFL quickly captured the hearts and imaginations of millions of people who love football. 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."
The majority of the employees were laid off as a result of the process and those laid off were paid through April 12. The XFL is also prepared to refund all advance tickets sales.
Source: espn.com
