Details Behind Vince McMahon’s Closing Of The XFL & The Lawsuit With Oliver Luck
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Dave Meltzer has some details regarding Vince McMahon’s way of handling the second closing of the XFL and how he fired the league’s commissioner, Oliver Luck, who happens to be suing Vince for wrongful termination.
According to Meltzer on his latest Wrestling Observer Radio, Vince McMahon had guaranteed Oliver Luck the money he was owed when he signed him to be the league commissioner and it was not contingent on the XFL surviving and is why Luck happened to leave his spot as NCAA’s Executive Vice President For Regulatory Affairs. Even if the league did happen to fold, Luck was supposed to get the money, but the day before McMahon closed the league he ceased communication with Luck and also penned a letter to Luck saying that he was fired from the league, giving all these reasons why. The actual number amount for the lawsuit is undisclosed but it predicted Luck is suing McMahon for is an estimated $20 million.
The problem to this is by the time he folded the XFL, the company only lost a little money. Vince told people that he would be putting $500 million in and sold $389 million of stock and by the time he folded the league, he was only down $44 million. According to Meltzer, McMahon loaning the league money was a way to make himself a creditor in the bankruptcy so therefore, the person that the XFL owes the most money to is Vince McMahon. As a matter of fact he loaned the league money so the league could make the last two payrolls before the announcement was made that the league fired everyone.