Vince McMahon’s XFL Files Bankruptcy, Hopes to Sell Assets (1)

Vince McMahon’s XFL, the upstart football league that twice promised fans a reinvented game, has landed in bankruptcy with plans to sell off assets just weeks after suspending its comeback season.

Alpha Entertainment LLC, the McMahon-owned corporate entity behind the XFL, filed for Chapter 11 protection from creditors in Delaware Monday, court papers show. Alpha cited as much as $50 million each in assets and liabilities in its bankruptcy petition, which lists XFL as an alternate name for the business.

Vince McMahon

Photographer: Ethan Miller/Getty Images

The XFL launched in February with eight teams, almost all of them in cities that also have ...