UPDATE 2: It looks as if the XFL is set to go on the market, as a new report says it is up for sale. THR reports that following the filing for Chapter 11 bankruptcy earlier today, a source says that the XFL plans to maximize its asset value in order to pay creditors and is currently in the process of finding a potential buyer.

The site notes that employees of the league were paid through the end of the regular season as well as any vacation days that had accrued, and that they are currently in the process of refunding the balance of any ticket purchases.

UPDATED: The XFL has issued a statement to TMZ on their bankruptcy filing, saying this is a “heartbreaking time.”

“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.”

ORIGINAL: It was reported last week that the XFL was shutting down all operations and had laid off its staff, with a former staff member saying that it wasn’t coming back. That definitely seems to be the case now. The Hollywood Reporter’s Eriq Gardner brings word that the XFL has filed for bankruptcy after it was forced to suspend its season earlier this year due to the Coronavirus pandemic.

The Chapter 11 bankruptcy filing, which was submitted in Denver, can be found here. The paperwork also notes that Vince McMahon had 100% of the class A shares, as well as 76.5% of Class B shares. WWE actually owned the remaining shares.

Assets and liabilities are both listed in the $10-50 million range. Creditors include Bob Stoops ($1M), Marc Trestman ($777K), Ticketmaster ($655K), other coaches ($583K) and MetLife Stadium lease ($368K).

The XFL just declared bankruptcy. — Eriq Gardner (@eriqgardner) April 13, 2020

Vince McMahon had 100 pct of the XFL's Class A shares. He also had 76.5% of the Class B shares, with WWE holding the rest. — Eric Fisher (@EricFisherSBG) April 13, 2020