Golden Knights’ Lehner files for bankruptcy, cites $50M debt

Vegas Golden Knights goaltender Robin Lehner and his wife have filed for bankruptcy in Nevada, citing up to $50 million in debts to dozens of creditors.

The Chapter 7 bankruptcy filing offers a glimpse into the couple’s financial problems, including money owed to no fewer than 50 people and companies, the Las Vegas Review-Journal reported.

They filed for bankruptcy Dec. 30, months after a Wisconsin company sued Lehner for $4 million, claiming the NHL player and his father failed to make any payments last year on a business loan.

Both Lehner and his father, Michael, are listed as principal members in a Nevada business license filing for Solarcode, a limited liability corporation doing business in multiple states, including Nevada and Arizona.

Solarcode in January 2022 agreed to a four-year repayment plan with Eclipse Service but missed its first five payments, leading the Wisconsin company in late June 2022 to sue in U.S. District Court in Milwaukee.

An attorney for Lehner did not immediately respond Monday to a request for comment from The Associated Press.

Lehner’s debts also included missed payments for a collection of rare snakes he purchased for $1.2 million in 2017, according to the bankruptcy filing. Lehner keeps the snakes at his reptile farm in Plato, Missouri.

He and his wife, Donya, estimate their assets are worth up to $10 million.

Lehner, 31, signed a five-year, $25 million contract with the Knights in 2020, but the Swedish hockey player has spent the 2022-23 season recovering from hip surgery.

Heat rename home arena temporarily in wake of FTX collapse

The home of the Miami Heat has yet another name: Miami-Dade Arena.

That will be the temporary moniker for the building where the NBA team plays its home games, while the search for a more permanent naming-rights partner commences.

The Heat and Miami-Dade County announced the new name Friday, two days after a bankruptcy court terminated the county’s naming rights deal with collapsed cryptocurrency exchange FTX. A county official had said earlier in the week that it would be referred to as “the Arena,” though those plans quickly changed.

“Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena,” the parties said in a joint statement. “The removal of the facility’s existing signage and the changeover of branding elements will be ongoing in the coming weeks.”

The process of removing FTX branding from all aspects of the arena will take some time. The company’s logo appears on the court, is on many of the entrances, is embroidered on the shirts many security and in-game personnel wear, is on the arena roof and even was placed on the swipe cards that employees use to access the facility.

The county asked for the naming rights deal to be terminated in November, saying at the time that continuing to refer to the building as FTX Arena will only add to the “enduring hardships” brought on by the collapse of the cryptocurrency exchange.

The county owns the arena and negotiated what was to be a 19-year, $135 million naming rights deal with FTX. The Heat — who have played in the building since Jan. 2, 2000 — were to receive $2 million annually as part of that deal, which went into effect in June 2021. The county and the Heat say they will work together to find a new naming partner.

Before the FTX deal, the building had been referred to as AmericanAirlines Arena since its opening in 1999. The airline giant, which has a hub in Miami, said in 2019 that it would not renew its deal past the expiration date of Jan. 1, 2020. The airline’s name remained on the building until 2021.

FTX was the third-largest cryptocurrency exchange, though it ended up with billions of dollars’ worth of losses — estimates range from $8 billion to $10 billion — before seeking bankruptcy protection after a spectacular crash that took only a few days.

Its founder, Sam Bankman-Fried, 30, was arrested last month in the Bahamas and extradited to the U.S. to face criminal charges in what U.S. Attorney Damian Williams has called “one of the biggest frauds in American history.” Bankman-Fried has been released on bail and is scheduled to go on trial in October. He has pleaded not guilty.

Heat’s home arena to get new name after FTX collapse

The arena where the Miami Heat play will soon have a new name, after the team and Miami-Dade County decided Friday to terminate their relationship with FTX on the same day the cryptocurrency exchange filed for bankruptcy.

The building had been called FTX Arena since June 2021, and a 19-year, $135 million sponsorship agreement between FTX and the county was just getting started.

In a joint statement Friday night, Miami-Dade County Mayor Daniella Levine Cava and the Heat said the news regarding FTX was “extremely disappointing.”

“Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,” the statement read.

FTX entered into a number of sports-related deals, including with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball — whose umpires wear the company’s logo. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.

Some of the top athletes in the world also had FTX deals, including Tampa Bay Buccaneers quarterback Tom Brady and Golden State Warriors guard Stephen Curry.

Miami-Dade County, which owns the arena and negotiated the naming rights deal, struck the agreement with FTX in March 2021. The name of the building changed from AmericanAirlines Arena to FTX Arena three months later.

The Heat were to receive $2 million a year as part of the deal. Most of the rest — roughly $90 million over the lifetime of the agreement — was to be paid to the county, the vast majority of it earmarked toward fighting gun violence and poverty.

FTX filed for bankruptcy protection on Friday, ending a disastrous few days for what had been the third-largest cryptocurrency exchange in the world when the week began. The company’s CEO and founder, Sam Bankman-Fried, has resigned.

The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run.

LOST WAGE BANKRUPTCY NOTICES REPORTEDLY BEING SENT TO FORMER AAF PLAYERS

Before we had the XFL, USFL, FCF and The Spring League; we had the Alliance of American Football (AAF). This was the first spring league in a long time that seemed to have some promise. Unfortunately, it fell to the same fate as many of it’s predecessors when the AAF folded just eight weeks into its inaugural season.

That’s not to say there wasn’t hope.

Charlie Ebersol and the AAF struggled early on, but were seemingly saved by Tom Dundon when it looked like he had put in enough money to keep the league afloat for their inaugural season. When Dundon came in, he came with a promise of major funding. But, when the writing was on the wall, Dundon pulled the plug on the league to save his wallet.

Since then, Tom Dundon has even argued that he is owed compensation over the players from the AAF bankruptcy.

Well, it looks like we have some information on the bankruptcy payments, and it’s good news.

Former AAF player Logan Tuley-Tillman tweeted out to his former teammates telling them to check their email for bankruptcy notices to collect lost wages.

Guys that played in the @TheAAF & were on a team when it folded check your email! They are sending out bankruptcy notices on how to get the lost wages they are going to send out.

— Logan Tuley-Tillman (@LoganTillman) December 1, 2021

UPDATE: Another former AAF player, Kenneth Farrow has tweeted about the settlement notices as well now.

If you played in the AAF you should be getting or already have gotten your class action notice via email from
AAF SETTLEMENT. @UnitedFBPlayers

— Kenneth Farrow II (@KennethMFarrow) December 1, 2021

It’s been over two years since the AAF hit the field, but better late than never when it comes to over-due payments to players. If you played for the AAF, or know anyone who did, better check those inboxes. We hope everyone gets their just payments from the ordeal, but I would expect it will be less due to the way the settlements will rollout.

With the AAF dead and buried and the XFL working towards a 2023 relaunch, all eyes are now on FOX and the USFL. The new USFL should have the funding in order, and considering they’re owned by FOX; broadcasting should never be an issue.

The AAF was trying to beat the XFL to market, but in turn beat themselves in the process.

We’ll keep you posted as we learn more on the AAF bankruptcy.

Sharks’ Kane: Filing for bankruptcy was ‘a big weight off my shoulders’

San Jose Sharks forward Evander Kane filed for bankruptcy just three days before the start of the 2020-21 NHL season – but what could have been a distraction turned out to be quite the opposite.

“It’s definitely been stressful. But it was a relief because I didn’t have to try and hide it anymore. I didn’t have to try to pretend. It was a big weight off my shoulders in a way,” Kane told The Athletic’s Ryan S. Clark in his first public comments about the details of his financial decision.

Kane reportedly had $26.8 million of debt at the time of his filing, and there were rumors his contract with the Sharks could have been voided.

“For years, I was dealing with all these things,” Kane said. “It’s having that constant stress. Everybody has stress. But once I made that decision (to file for bankruptcy), people think it is the start of something. Really, it’s the end of this chapter of my life. I think that is where the big misconception is about this.”

Kane said the birth of his child 10 months ago helped him mature and accept responsibility for his actions.

“Having my daughter was a huge, life-changing moment,” he said. “That gets you to think about what you need to do. Not only as a man but as a father – to be able to make the best decisions for your family moving forward. For me, it was taking it on the chin. It was knowing I had to make a decision that was the best for me and my family that would also not be the most flattering publicly.”

While the Sharks as a team have had a season to forget, Kane has enjoyed the best individual campaign of his career. He’s recorded 22 goals and 27 assists in 55 games, and his 73-point pace over 82 games is a career high.

The 29-year-old said there may be a correlation between the airing of his financial situation and his strong play.

“You’ve kind of seen it with my on-ice play; that is maybe part of the motivation. It is wanting to show people that I’ve been dealing with so much for so long,” Kane said.

He added: “To have a lot of that removed and off my plate, it allowed me to focus on hockey and finally actually enjoy coming to the rink and getting on the ice with my teammates and playing the game at a high level. It was enjoyable for the first time in a long time.”

Sharks won’t void Kane’s contract amid his bankruptcy filing

The San Jose Sharks won’t void Evander Kane‘s contract as the forward navigates through filing for bankruptcy in federal court, a team spokesperson confirmed to The Athletic’s Daniel Kaplan and Kevin Kurz.

“The Sharks are 100 percent committed to honoring Evander Kane’s contract and have no intention of having it terminated,” the spokesperson said.

The initial report Wednesday said Kane and the Sharks filed a motion this week and included their desire to “extend time to assume or reject” the remainder of a seven-year, $49-million pact the left-winger inked with the Sharks in May 2018.

The original deadline for voiding the contract recently passed, but a bankruptcy judge agreed to postpone it until June 7.

The 29-year-old filed for Chapter 7 bankruptcy in January, citing $26.8 million in debt and $10.2 million in assets. There is $29 million remaining on Kane’s pact with the Sharks.

“Several creditors, including Zions Bancorp, filed recently, asking the court, Professional Bank, and South River Capital to convert the bankruptcy from Chapter 7 to 11, which is typically used for businesses,” Kaplan and Kurz wrote.

“The change would be significant because, under Chapter 11, the $29 million cited by the lenders as remaining on Kane’s contract would be available to creditors like Zions, which is owed $4.25 million. It would not be under Chapter 7, according to Zions, which argues Kane’s losses are business-related.”

A hearing to determine the designation will take place later in March. Kane and the Sharks would reportedly be more interested in canceling the contract if a judge converts the case to Chapter 11.

If the deal remains under Chapter 7, the player and team would have until the June extension deadline to decide on the contract’s status based on the judge’s ruling.

Evander Kane files for bankruptcy, says he could sit out season

San Jose Sharks forward Evander Kane has filed for bankruptcy with $26.8 million worth of debt, according to The Athletic’s Daniel Kaplan.

Kane reportedly has assets of only $10.2 million, largely from his three homes. The filing also said Kane may not play this year due to the COVID-19 pandemic and birth of his first child.

“Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child,” the bankruptcy petition said. “Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary.”

The NHL opt-out deadline for the 2020-21 season was Dec. 24, however, and the bankruptcy petition is dated Jan. 9. It hasn’t been clarified how Kane could still opt out at this point.

Centennial Bank filed a lawsuit last week against Kane and the Sharks seeking $8.3 million. It’s one of six active lawsuits, court actions, and administrative proceedings with lenders listed in the complaint.

Kane inked a seven-year, $49-million pact with the Sharks in 2018 and has earned $52 million over 11 NHL seasons.

The Cosmopolitan of Las Vegas settled a lawsuit against Kane for unpaid gambling bills last year.

Vince McMahon Dismisses Recent Speculation On His XFL Plans

ESPN’s Kevin Seifert has revealed details from an XFL bankruptcy filing made today in Delaware.

XFL owner Vince McMahon noted in the filing that he will not be a bidder for the league. As noted before at this link, the committee of unsecured creditors to the league recently objected to the filing, claiming Vince was trying to rig the bankruptcy process as a way to buy back the league without fully paying back debtors. Vince dismissed this speculation in today’s filing.

“I’m not going to be a bidder,” McMahon said in a deposition.

Today’s filing labeled the recent claims by the creditors as “inflammatory rhetoric and unsubstantiated accusations.”

Vince also noted in the filings that he put in “at least” $200 million into the XFL.

The XFL folded for the second time in league history back in April due to the negative impact of the coronavirus pandemic. The league had ran 5 games of its return season, and was considered to be a success by many until the COVID-19 outbreak hit.

XFL’s Bankruptcy Details Connections Between League & WWE

The XFL filed for Chapter 11 bankruptcy on Monday, according to documents obtained by The Action Network.

The league fired all of its employees without severance on Friday after having to cancel the remainder of its inaugural season due to the coronavirus.

Sources said that Vince McMahon, owner of the XFL and chairman/CEO of the WWE, informed the WWE board he was going to pull the plug on the XFL. An original version of this story indicated that McMahon had done so after consulting with the board.

In response, the WWE’s attorney Jerry McDevitt says, “The WWE board has no role in the XFL, and there was no conversation that happened.”

Creditors mentioned in the filing include the XFL’s first batch of head coaches — the Dallas Renegades’ Bob Stoops ($1.083 million), the Tampa Bay Vipers’ Marc Trestman ($777,777), the St. Louis BattleHawks’ Jonathan Hayes ($633,333) and others ($583,333 each) — and the owners of stadium leases, including the St. Louis Sports Commission, which is the XFL’s No. 1 creditor ($1.6 million owed), and the New Meadowlands Stadium Company, owners of MetLife Stadium ($368,000).

Other creditors include the official hat partner 47 Brand ($846,000), the league’s ticket partner Ticketmaster ($655,148), and BigGame USA ($217,000), the company that made the league’s ball.

The XFL got off to a hot start from a viewership perspective, drawing 3.12 million viewers in Week 1. By the time Week 5 rolled around, that number had been cut in half. Still, there were signs of life. The St. Louis BattleHawks had reportedly sold 45,000 tickets to their next game before the league shut down due to the coronavirus outbreak.

McMahon funded the XFL through a company called Alpha Entertainment. He had publicly pledged to back his second attempt at an upstart football league with his own cash, upwards of $500 million.

Monday’s filing noted the amount of Class B shares (23.5%) the WWE owned of Alpha Entertainment.

McMahon’s double-duty as owner of the XFL and leader of the WWE had been questioned by Wall Street analysts. The WWE’s share price dropped 28% in the two weeks before the XFL’s launch on Feb. 8.

Two days prior, on a WWE earnings call, analysts from JP Morgan and Citigroup pressed McMahon on the connection between the XFL and the WWE. In response, McMahon said the XFL was “completely separate” from the WWE, adding later, “We have like 400 employees over there. It’s run by itself and there is no investment whatsoever hardly in, you know, WWE.”

The Action Network initially reported that it did not find any disclosure of a direct connection between the XFL and the WWE, but a WWE spokesman pointed to SEC filings in 2018 and 2019, which disclosed WWE receiving an equity share in Alpha Entertainment, in exchange for the XFL name and shared services.

McDevitt insisted in an interview with The Action Network that WWE’s partial ownership of the XFL does not mean the two entities do not operate independently.

Alpha Entertainment’s offices were a stone’s throw from the WWE’s headquarters in Stamford, Conn. and sources tell The Action Network that there was frequent traffic between the two buildings. It was known among both companies that certain employees were “essentially working two full-time jobs,” according to a source, one for the wrestling organization and one for the football league.

Eighteen months ago, McMahon was worth $3.3 billion, according to Forbes. He’s worth roughly half of that now — $1.9 billion, according to the magazine.

XFL Officially Files For Bankruptcy

Just a matter of days after suspending all operations and laying off the majority of its workforce, the XFL has now filed for bankruptcy.

The future of Vince McMahon’s relaunched football league had been looking majorly uncertain over the past few weeks, as the ongoing global chaos was similarly causing issues for the XFL. And now, well now a bankruptcy order has been put forward.

The Chapter 11 bankruptcy filing includes the XFL’s assets and liabilities, with the estimated total cost of these being somewhere between $10 million and $50 million. Some of the main creditors of the XFL are coaches Bob Stoops ($1 million) and Marc Trestman ($777,000), Ticketmaster ($655,000), and MetLife Stadium ($368,000).

In addition to being owned by McMahon and the Alpha Entertainment banner, the XFL was actually partially owned by WWE. To be precise, WWE held 23.5% of Class B stock.

An official XFL statement read, “The XFL quickly captured the hearts and imaginations of millions of people who love football. Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.”

The statement continued, “This is a heartbreaking time for many, including our passionate fans, players and staff, and we are thankful to them, our television partners, and the many Americans who rallied to the XFL for the love of football.”

After a largely positive initial response to the relaunched XFL, ratings began to wane from week to week, with the league itself only managing to make it to the five-week mark before the action was first suspended. And after five weeks, it would seem that this is once again the end of Vince McMahon’s football dream.