"I'm not going to be a bidder," McMahon said in a deposition. The filing called the claims "inflammatory rhetoric and unsubstantiated accusations."
— Kevin Seifert (@SeifertESPN) May 26, 2020
McMahon said he had reserved his legal right to be a bidder in the original bankruptcy claim. He said he did that because “I think I was trying to make up my mind.” The committee’s filing last week pushed him to decide against a bid, he said.
“I don’t know why that’s out there, making me out to be the bad guy, [that] I’m going to buy the XFL back for pennies on the dollar, basically,” McMahon said in the deposition. “That helped me move into the direction of, ‘I’m not going to be a bidder, not going to have anything to do with it.’ I do hope that someone will pay a lot of money for it, and I do hope that it will survive.”
In the filing, McMahon’s attorneys wrote that McMahon put in “at least” $200 million of his own money into the XFL.
“Accordingly, all that the committee has managed to do,” the attorneys wrote, “… is to chase away a potentially significant bidder for the debtor’s assets.”
In a separate filing, as noted by @BenFischerSBJ, the brokerage handling the XFL sale said it has signed 20 potential bidders to non-disclosure agreements that generate access to confidential data. Another six are in process of signing NDAs, per filing.
— Kevin Seifert (@SeifertESPN) May 26, 2020
Houlihan Lokey managing director William H. Hardie III on XFL sale process: "Based on preliminary feedback, I believe there is a robust market for the debtor’s assets, including a number of potentially interested private equity firms and other financial sponsors."
— Kevin Seifert (@SeifertESPN) May 26, 2020
The XFL has hired the Houlihan Lokey brokerage firm to handle the sale.
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