According to Dan Primack of Axios, Vince McMahon has put the XFL up for sale. Axios obtained documents that show an investment bank, Houlihan Lokey, is managing the process. Parties interested in purchasing the XFL need to submit a letter of intent by June 12. Formal bids for the league are due on July 6.
According to a pitch deck obtained by Axios, the league was on track for $46 million in revenue last year. With an average game attendance of 20K and 1.9 million average broadcast viewers for their nationally distributed games.
It’ll be tough for Vince to find a taker. However, industry investors tell Primack, though one source says it’s not out of the realm of possibility the XFL finds a new owner.
“There are lots of people who are very rich but not rich enough to own an NFL team, so maybe someone will see this as the next best thing at a bargain price,” said the investor, who is not personally mulling a bid for the XFL.
The XFL’s bankruptcy was filed under Chapter 11. Chapter 11 is used for a company to reorganize. Chapter 7 is to liquidate all assets which the XFL did not do.
The XFL will try to continue, most likely under new ownership. With some reports saying Vince McMahon still wants in on the league.
