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April 20, 2020 Observer Newsletter: WWE cuts staff, XFL folds, death of Howard Finkel

An absolutely crazy week saw Vince McMahon fold the XFL, have the Governor of Florida overrule local officials to be able to run multiple shows a week in the state, get, along with Dana White, to be mentioned by President Trump as one of the people he’d talk with about reopening the economy, and then made massive talent and office cuts with the expectation of a long economic downturn.

With its $500 million of reserve cash available, broken down as $90.45 million in straight cash on hand, $160.03 million in short term investments that can be used, and another $250 million available instantly in debt capacity, McMahon was the first promoter in combat sports to make cuts, while other companies have avoided doing so even though all others are losing money, although UFC will be back to making money as soon as they start running shows again.

The decision to fold the XFL seemed to come on 4/9 and was announced the next day.

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