The XFL has already filed for bankruptcy but they are hoping to maybe find a way out by selling the league to someone else. According to Dan Primack of Axios.com, Houlihan Lokey — an investment bank — is leading the process of looking for a different buyer. The letter of intents are due to Houlihan Lokey by June 12th. Formal bids will be due by July 6th, with agreements looked at after that date.
According to the sales pitch to a potential seller, the XFL was in great financial shape until the COVID-19 pandemic hit. The XFL claims they were on their way to making $46 million before the first season was cut short by the pandemic.
After the first couple of weeks of the season there was a decline in attendance and TV viewership, but not to the level of other leagues like the AAF. That really isn't too much of a positive, but the XFL is trying to play it off like it's a good thing that showing the league wasn't ready to crash.
One big question now for the XFL is will be anyone want to buy it? Football leagues outside the NFL have had issues surviving, so someone buying it would be taking a risk. But at a nice price it might be one worth buying. If there is a buyer, that is when the discussion would start about how they want to restart the league.
Could we see spring football again next year? Maybe there is a chance with a new buyer.
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