WWE announced Thursday that Vince McMahon will make "a major sports announcement" at 3 PM Eastern, available via his Alpha Entertainment social media channels.
The group officially launched Twitter, Facebook, Instagram, and YouTube channels, as well as a website.
In mid-December, reporter Brad Shepard tweeted that McMahon was looking to bring back the XFL and would make an announcement on Thursday, January 25th, leading to a follow-up via Deadspin's David Bixenspan that elicited a response from WWE regarding the creation of Alpha Entertainment.
McMahon renewed old XFL trademarks last year in addition to adding new trademarks for "UrFL". McMahon also sold nearly $100 million worth of WWE stock to help fund Alpha Entertainment.
While nostaglia grew last year with the release of an ESPN 30 For 30 on the XFL, there is a lot of questions regarding the feasability of a new league in the current sports environment. The NFL and college football have only grown in popularity since the XFL's closing after just one year in action and while secondary/gimmick leagues like Arena Football still do exist, the logistics involved in creating a league from scratch are considerable.
There is a possibility McMahon could be announcing that he's joining a group to buy the NFL's Carolina Panthers, but that seems highly unlikely given a) the price tag and b) the buzz he's creating surrounding the announcement.