A day after it was reported that the Alliance of American Football may not last beyond this weekend, its spring-season rival, the XFL, received a timely financial boost ahead of its launch in 2020.
According to an official filing with the Securities and Exchange Commission, WWE owner Vince McMahon sold 3,204,427 shares in the business – 4.1 per cent of his stock – worth approximately $272m (€242m). The sale will benefit Alpha Entertainment, the company which runs the XFL.
McMahon – who is reportedly looking to spend around $500m in the XFL’s first three seasons – has raised nearly $400m from selling WWE stock over the previous 15 months.
The news comes after Alliance majority owner Tom Dundon said he was considering discontinuing the league if he could not come to an agreement with the NFL Players Association over the use of young NFL players in the league.