The XFL fan base is a buzz at the news of a potential return of the XFL. Nothing is for certain but as we have been reporting, there have been some interesting signs that this might have been the plan all along.
In April we reported on the Alpha Entertainment Bankruptcy filing, we noted that;
Mr. McMahon has recused himself from the consideration and approval of any post-petition financing since he is a potential source of such post-petition financing;
Meaning after the Bankruptcy hearing, he could be the person buying it.
We noted in our article on Several Buyers Interested In Purchasing The XFL, that Vince wanted the sale to be done in 90 days.
Vince McMahon is providing a bankruptcy loan with the stipulation that a sale wraps up within 90 days
Then this week we hear that the XFL has reached out St. Louis, Seattle, and Houston and asked about their agreements. Did Vince just want to clear the books, let the pandemic pass and restart the league? Using a loophole in the law he learned from Donald Trump?
During an episode of Wrestling Observer Radio, Dave Meltzer discussed the possibility of McMahon buying back the league. Using a loophole the ultra-wealthy use to get out of their debts.
“It’s a loophole, look you know one of the things people have to realize and one of the things that has really come out in the last year is how the legal system when it comes to financials and everything like that it is created by the ultra-wealthy. The politicians are in the hands of the ultra-wealthy and they create laws that allow the ultra-wealthy to do things like this.”
“Absolutely — a man who’s worth $2 billion should not be allowed to walk away from all this debt, let alone walk away from the debt — and you know because he could afford to pay it — if Vince McMahon could not afford to pay it — but you know Trump’s done this in a million — tons of businesses. You know, that’s his playbook to declare bankruptcy, get out of obligations to pay, and move on to something else.”
“That’s what is allowable, but it’s amazing that you can declare bankruptcy in this league and earmark $350 million for this league — you told everybody you did, but you really didn’t and then walk away and then essentially buy the right-back and now he doesn’t have to share it with WWE because all the rights are part of the bankruptcy.”
“He had to give WWE 20% of the league to avoid being sued by stockholders of WWE for giving it a fair value. Now he doesn’t have to do that. He can own the league without WWE. He can start over, the problem is that his name is complete mud in the football business and nobody can trust him.”
Do you agree, that if this is the case Vince McMahon’s name is mud in the football world? This is just pure speculation, we have no idea what is going on behind the scenes.
Our job is to try to put the pieces together. Stay with XFL News Hub as we continue to track this story.
Chinook Daddy
May 21, 2020 at 9:22 pm
Seems pretty standard business practice as mentioned in the article. Yes, DT has done this for decades and still was elected POTUS. There were Saving and Loan scandals around the Bush Family, the Bidens, so many folks out there. As a football fan, I just want the league and it’s nice rules and extra points to continue. I was on my way to my first game in Birmingham when it was suspended.
Personally if he has the cash, shouldn’t be able to file bankruptcy and should sell outright if he doesn’t want to retain and ride the storm.
Tony
May 21, 2020 at 9:38 pm
Seriously I think it is time you guys just move on and quit writing about this league. If Mcmahon tried to restart this league for a third time after letting go of virtually all the paid employees he would have to start from scratch again. The talent pool would be even worse than it was in 2020 as players would start being very hesitant to sign with anything XFL because it had already had two failed attempts. It would be even more difficult to get any respectable businessmen or coaches to sign on to it. Vince simply doesn’t belong in the real sports world and it is time for you guys to move on from his attempts at football.
GantizDragon
May 23, 2020 at 3:33 am
I hope it does come back, it’s a bad loop hole, but it’s part of the system so you can’t be upset if Vince uses it to save the XFL. #Dragon #BreathFire