Alpha's largest creditors include the St. Louis Sports Commission - owed $1.6 million - and XFL coaches Bob Stoops and Marc Trestman, owed nearly $2 million combined, court papers show.
The St. Louis Sports Commission holds the largest unsecured claim against the league at $1.6 million.
However, the bankruptcy filing shows that while the sports-entertainment impressario owned 76.5% of the league, the remainder belonged to WWE.
The fledgling professional football league called off its season five weeks in due to the novel coronavirus pandemic and on Friday laid off nearly its entire staff. The league has reportedly lost "tens of millions" in revenue.
"The XFL quickly captured the hearts and imaginations of millions of people who love football", he said, adding, "Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis".
McMahon will help wind down the business during the Chapter 11 case, according to the petition.
U.S. coronavirus deaths surpass 20,000
Globally, there have been more than 1.6 million confirmed cases, with the death toll surpassing 106,000. Andrew Cuomo said the daily number of deaths is stabilizing "but stabilizing at a horrific rate".
We're told ... despite the financial blow, employees were paid full wages up until April 12 as well as any accrued vacation days.
The XFL was halfway through its inaugural 10-game regular-season schedule when the league stopped playing last month in response to the coronavirus pandemic.
A WWE spokesman deferred comment to the XFL.
A source close to the league revealed to The Hollywood Reporter that the league plans to maximize the value of its assets in order to pay creditors and has begun the process of seeking a buyer. World Wrestling Entertainment, Inc owns the other 23.5 percent of the league's Class B stock.
The Tampa Bay Vipers line up against the LA Wildcats at Dignity Health Sports Park during an XFL game on March 8 in Carson, California.