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The latest WWE 10-Q SEC filing included the following on the relationship between WWE and XFL:
"On April 3, 2018, the Company entered into transactions with Alpha Entertainment, LLC (“Alpha”), an entity controlled by Vincent K.McMahon, granting Alpha rights to launch a professional football league under the name “XFL”. Alpha has announced that it expects that this launch will occur in early 2020. Under these agreements, WWE received, among other things, an equity interest in Alpha without payment by or other financial obligation to WWE. The investment will be accounted for under the equity method of accounting. WWE’s equity interest in the net assets of Alpha at the transaction closing date on April 3, 2018 was insignificant. During the three months ended June 30, 2018, WWE recorded its proportionate share of Alpha’s reported losses which reduced the investment value to zero as of June 30, 2018. In addition, WWE entered into a support services agreement to provide Alpha with certain administrative support services with the costs of such services billed to Alpha on a cost-plus margin basis. Amounts billed to Alpha for the three and six months ended June 30, 2018 were not significant."
The filing also included the following regarding a First Amendment, effective as of April 03 this year, to Vince McMahon's (the "Executive") Employment Agreement with World Wrestling Entertainment (the "Company"):
"1.3. Outside Activities. The Executive shall devote substantially all of his full working time to the business and affairs of the Company. Notwithstanding the preceding sentence, the Executive may engage in such other business and charitable activities that, in the good faith judgment of the Board, do not violate Section 8, create a conflict of interest or the appearance of a conflict of interest with the Company or materially interfere with the performance of his obligations to the Company under this Agreement. Notwithstanding the foregoing, nothing in this Agreement, including Sections 8.3 and 9.1(i), shall preclude or prevent the Executive from being a founder, owner, investor, officer, board member, advisor, spokesperson of or otherwise being affiliated with Alpha Entertainment, LLC in connection with its proposed professional football league business venture to be known as the XFL; provided, however, that the Executive will be required to devote substantially all of his full working time to the business and affairs of the Company."
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