VinceMcMahon Lied in Fourth Quarter WWE Conference Call with its Investors and Shareholders....what happens next? is reporting that Vince McMahon's XFL football league has officially filed for bankruptcy. Dave Meltzer of noted that the filing is "essentially Vince getting out of money owed."

A statement was issued by an XFL rep:

“The XFL quickly captured the hearts and imaginations of millions of people who love football. 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.”

The bankruptcy filing listed assets/liabilities in the $10-$50M range. The filing also revealed that WWE actually owns part of the league. Vince had previously stated that the XFL was a "separate entity completely" during WWE’s 2019 fourth quarter conference call.

What happens next? Unfortunately, the shareholders cannot do much against him even though he blatantly defrauded them and misrepresented the relationship between the WWE and the XFL.

For now, Vince McMahon will attempt to sell the company, according to the Wall Street Journal.