Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

The XFL has launched a Hail Mary to find a new owner, one month after the filing for Chapter 11 bankruptcy protection.

Driving the news: Investment bank Houlihan Lokey is managing the process, with letters of intent due by June 12, according to a pitch deck obtained by Axios. Formal bids are due on July 6.

The basic sales pitch is similar to what we're seeing from all sorts of other cash-strapped companies in all sorts of other industries: We were doing fine until the pandemic, and could therefore do fine again once it's over.

  • The XFL claims to have been on page to generate $46 million in revenue during its debut season, before it was cut short.
  • This includes average game attendance of nearly 20,000, with an attendee net promoter score of 66. Plus 1.9 million average broadcast viewers for nationally distributed games.
  • Both attendance and viewership were declining as the season progressed — something not noted in the pitch deck — but not the sort of crashes seen by the XFL in its first incarnation or by the more recent upstart failure of the Alliance of American Football.

The big question: Will anyone really be willing to buy the entire league, as opposed to scooping up select assets?

  • Industry investors I speak with are skeptical, but also acknowledge that sports sometimes entices unknown or unexpected suitors.
  • "There are lots of people who are very rich but not rich enough to own an NFL team, so maybe someone will see this as the next best thing at a bargain price," says one investor who is not considering an XFL bid.

The bottom line: Any buyer would have two choices. The first would be to just wait out the pandemic, and hope to resume operations next spring. The second would be to reimagine the XFL within the pandemic context, perhaps as a made-for-television product that eschews in-person fans altogether.

  • That latter option is something that only a bankrupt league, with very few fixed costs left, could seriously entertain for the long-term.

Go deeper: The XFL is dead. Long live the XFL

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.