The XFL was back this year after the previous reboot of the spring football league stalled as a result of COVID-19. But while the league did have a successful season on the field, that doesn’t mean it was profitable to the bottom line.
According to a report from Forbes, the XFL lost an estimated $60 million in 2023 and is cutting some jobs. But the league is still optimistic about the future.
“We’re extremely well-capitalized for the long-term,” said XFL chair Dany Garcia. “This is our new WWE. The next massive live property.”
Even though the XFL is not yet profitable, Gerry Cardinale – who founded and runs XFL co-owner RedBird Capital – thinks that the XFL can become profitable in five years.
“It’s not a flip the switch and all of a sudden you’re successful,” he told Forbes. “It took MLS 30 years to get to their current average team and implied league valuations. I believe we can do it in five years.”
Still, a $60 million deficit is pretty brutal for the league, and the sports world had plenty to say about it on social media.
NFL can subsidize until they can return a profit, which is normal for a starter to lose in first 3 years. If handled properly NFL will finally have a true Developmental League https://t.co/1LnLy6vOKB
— Yinka Ayinde (@Saxyprince) June 12, 2023
as I've said before, spring football is good because it costs rich people tons of money chasing a mirage https://t.co/JB6jAPSEvD
— Katie (@KatesOfHeaven) June 11, 2023
The last few months for the Rock……not ideal. https://t.co/pKgBuuwHht
— Brandon
(@GPHatesThisApp) June 10, 2023
It will certainly be interesting to see how the XFL grows in the future and whether or not it will be able to turn a profit in the long run.
[Forbes]