Last week via his attorneys, Vince McMahon released the following statement in regards to XFL CEO and Commissioner Oliver Luck’s lawsuit against him. The XFL filed Chapter 11 Bankruptcy and folded due to the coronavirus pandemic.
“Oliver Luck’s services as Commissioner and CEO of The XFL were terminated by a letter sent to him on Apr. 9, 2020 which explained the reasons for the termination. As to the lawsuit he filed, his allegations will be disputed and the position of Mr. McMahon will be set forth in our response to his lawsuit.”
Luck was not listed as a creditor during the XFL’s bankruptcy filings and was let go on April 9th, two days before the Chapter 11 filing in the state of Delaware. It was also the day before the XFL let go of all its employees and announced it was closing its football league.
His XFL contract was believed to be worth anywhere from $20-25 million over 5 years. That all depended on how well the league performed. The agreement between McMahon and Luck reportedly stipulated he would receive all money owed if the league went under. Vince seems to try and get around it by terminating him first. Luck’s lawsuit is seeking to recoup the money owed on the contract.
The XFL issued the following statement to TMZ earlier about the league closing its doors.
“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.”
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May 3, 2020 at 4:22 am
I just hope its not gone forever. I had my tickets for April 5th and was extremely bummed it was canceled. I bought our jerseys and caps. Goodluck in the future.