XFL reportedly lost huge amount of money in first season back

The return of the XFL may have been viewed as a success to players who parlayed it into NFL opportunities, but the financials were a different story.

According to a report from Jabari Young of Forbes, the XFL lost an estimated $60 million in 2023. The financial issues led to the league having to cut some of its work force, but owner Dwayne “The Rock” Johnson and his partner Dany Garcia remain optimistic about the future.

The XFL initially launched in 2001. That league was operated as a joint venture between Vince McMahon’s World Wrestling Federation — now World Wrestling Entertainment — and NBC. It lasted just one season before folding. McMahon then tried to bring the XFL back in 2020, but the pandemic led to an abrupt bankruptcy filing. Johnson, Garcia and others purchased the XFL for $15 million just before it went to auction in August 2020. They also contributed another $8.5 million to cover previous XFL debt.

Johnson’s league is coming back for a second season, so you can make the argument that it is already more successful than previous versions. Garcia said the league is “extremely well-capitalized for the long-term,” and sources told Young that the XFL is projecting $100 million in revenue next season. Much of that revenue comes from the XFL’s media deal with ESPN, which pays around $20 million per year.

We have seen some players earn invites to NFL camps after the XFL’s first season. Johnson thanked the NFL in a tweet this week.