CEO Oliver Luck was among the employees laid off by the XFL amid its bankruptcyGETTY IMAGES
The XFL in a notice to the Connecticut Department of Labor this week said that it has "laid off 95 employees," according to Shawn McFarland of the HARTFORD COURANT. The layoffs include CEO & Commissioner Oliver Luck, "website editors, administrative officials, directors, vice presidents, and communications staff members, among others." The league "paid all employees" through this past Sunday (HARTFORD COURANT, 4/16). The WALL STREET JOURNAL's Jonathan Randles reports lawyers for the XFL "outlined plans to sell the league during its debut hearing" yesterday in the U.S. Bankruptcy Court in Wilmington, Del. A $3.5M loan offered by XFL Founder and WWE Chair Vince McMahon "includes milestones that require a judge to approve a potential sale by July 15." The league is "selling the XFL brand name, trademarks and related intellectual property including the slogan 'For the Love of Football.'" The XFL also is "seeking to sell merchandise, equipment and rights to its eight teams, which are owned by the league rather than individuals." Judge Laurie Selber Silverstein "blocked the XFL from beginning to tap the loan" from McMahon or "starting to issue refunds to season ticket holders who opted to roll over their tickets for a potential 2021 season." Silverstein said that "issuing refunds immediately is a 'laudable goal' but the XFL is restricted to making payments that would prevent immediate harm to the value of the league" (WALL STREET JOURNAL, 4/16).
WHAT'S THIS REALLY ABOUT? In Orlando, Mike Bianchi writes he does not believe McMahon's decision to shut down the XFL "actually had anything to do with the XFL." Bianchi: "The fact is that McMahon's net worth is tied almost exclusively to the WWE's stock value, which has plummeted during the past year." WWE yesterday in a "cost-cutting move laid off many of its producers and nearly 35 wrestlers." Bianchi writes, "The only reason the XFL is dead is because the WWE is hemorrhaging money right now. The XFL was actually doing well before the pandemic. The football was good. The presentation was good. And the TV ratings were decent" (ORLANDO SENTINEL, 4/16).
