Today’s court filing by Vince McMahon revealed more than just Vince is out as a potential buyer. It also showed that there are plenty of interested parties in the upstart league.
XFL News Hub’s Mike Mitchell obtained a copy of today’s filing. This is what we know.
“the Debtor’s investment banker, Houlihan Lokey, is currently in active discussions with dozens of potential purchasers, and substantially all potential purchasers have indicated that the potential for an XFL season in spring 2021 is important to them.”
Whoever buys the league is interested in restarting it for the 2021 season, which is great news for XFL fans. But time is running out for a return next season. They would like to finalize the sale date by August 1st and get the league quickly restarted.
“The Debtor has negotiated for an extension of the sale process until the first week of August, for a total process of 115 days”
XFL President Jeffery Pollack comments were part of the court filing as well.
“[I]f we are to resume playing in 2021, we would need to be in a go mode ideally by August 1st of this year, and I think there is the chance for us to be in a position to play next year, and so doing would, I think, be good for the business on an ongoing basis.”Jeffery Pollack
The court filing goes on to talk about the need to get the sale done soon and not delay a season till 2022.
“Their reasons include a desire to generate revenue and to further establish the league in a content-starved environment in spring 2021 and to avoid leaving space out to 2022 that would allow others to act on the opportunity.”
At this point, McMahon was not the only one interested in buying the XFL.
“As of May 25th, 2020, Houlihan Lokey had distributed teasers to 235 potential purchasers. As of that date, 20 potential purchasers had executed NDAs and gained access to a data room containing extensive diligence materials, including a Confidential Information Memorandum that Houlihan Lokey added to the data room on May 21st, 2020. As of May 25th, 2020, six more potential purchasers were in the process of executing NDAs to gain access to the data room. Based on preliminary feedback, there is a robust market for the Debtor’s assets, including a number of potentially interested private equity firms and other strategic and financial sponsors.”
The XFL could survive and play even without fans in attendance for a 2021 season.
“The Debtor has modeled for 2021 a “made-for-TV,” 12-week tournament-style approach to its business. The XFL is also well positioned to, if necessary, deliver a crowd-free experience that could thrive in the current environment, given the XFL’s existing innovations such as in-game audio from players and coaches and live on-screen sports wagering information.”
What we know so far, the door is closed on Vince McMahon being part of the return of the XFL, which in some eyes is a good thing. McMahon’s name in NFL circles is not a good one at this point. Oliver Luck is well respected in NFL and college ranks, McMahon’s is not.
The second is despite what is going on in the world. There are plenty of interested parties vying for the XFL. It looks like we will know August 1st if the XFL will indeed return.
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