One month after filing for bankruptcy, the XFL is reportedly seeking new ownership in an attempt to save the league, according to Axios.
Axios obtained documents that show an investment bank, Houlihan Lokey, managing the process, with letter of intent due by June 12 and formal bids due on July 6.
The XFL claims to have been on pace to generate $46 million in revenue during its inaugural season. According to Axios' report, the league also had an average game attendance of 20,000 and 1.9 million average broadcast viewers for the nationally distributed games.
It was an abrupt move that left players, coaches and other team and league personnel wondering what's next. Some players parlayed XFL success to opportunities in the NFL, and former D.C. Defenders head coach Pep Hamilton landed on his feet with a professional gig with the Chargers. But that's not the case for the vast majority who were involved.
If investors chose to revive the league, it would be done in the uncertain times currently swirling during the pandemic. Complicating matters is the indefinite timetable of the pandemic's duration.
Dan Primack of Axios spoke to industry investors who are skeptical of somebody stepping forward to buy the entire league. But, those sources also acknowledged that sports can be unpredictable.
"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," one source said.
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