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XFL Files for Bankruptcy: Top Sports and Business Stories Tuesday

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In the midst of the current situation we all find ourselves in, sports and business have never been more intertwined so here are the stories shaping both sports and business on Tuesday, April 14

Hank Steinbrenner Dies at 63

Hank Steinbrenner, 63, co-owner of the New York Yankees with his younger brother Hal, died Tuesday from a lengthy, unnamed illness in Clearwater, Fla., the team confirmed.
The brothers inherited the team from their legendary father George Steinbrenner, who died in 2010.
The two were named co-chairmen of the team in 2007.

From Sports Illustrated: Yankees Co-Owner Hank Steinbrenner Dies At 63

Coronavirus Update

There are over 1.9 million cases of the coronavirus worldwide.The U.S. has over 592,000 cases, Spain has over 172,000 cases and Italy has over 162,000 cases. The United States has the highest amount of deaths, with over 23,000 and Italy has over 20,000 deaths. Spain has 18,000.And the International Monetary Fund has issued a stark warning about the economic fallout from the coronavirus, saying that the global economy is facing its worse downturn since the Great Depression as the coronavirus pandemic shuts down factories, forces people around the globe to keep indoors.

The IMF projects that the global economy will contract by 3% in 2020, which is a shocking reversal from earlier this year, when the IMF projected that the global economy would actually outpace 2019 and grow by 3.3%.To put this in context, the global economy--in 2008 and 2009--contracted by less than one percent.

From TheStreet: Jim Cramer Wants to See Businesses Restarted Before Feeling Optimistic on Banks

And The XFL Files for Bankruptcy

The second attempt by Vince McMahon to start an alternative professional football league has officially ended with the XFL filing for Chapter 11.The XFL was off to a great start when the season kicked-off in late February but the league is now shutting down for good after the coronavirus forced it to end its season prematurely.

According to the XFL statement "Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.”

The global pandemic forced the league to officially cancel its eight game regular season in March shortly after their fifth game of the year.

Vince McMahon originally launched the first iteration of the XFL in 2001 but it did not return for a second season. Last year the Alliance of American Football launched but also had to end its season prematurely and ultimately filed for Chapter 7 bankruptcy.

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