Dwayne “The Rock” Johnson is part of a group that bought the XFL, according to Sportico.
Johnson purchased the league out of bankruptcy with Gerry Cardinale’s RedBird Capital shortly before a scheduled auction was set to begin.
They paid $15 million, splitting it evenly. Johnson’s business partner, Dany Garcia, who is also his ex-wife, will be a stakeholder as well.
A hearing is scheduled for Friday to make the transaction official. Assuming all conditions are met, the deal will close after August 21.
Johnson’s presence provides the XFL with star power and keeps their link to professional wrestling. Vince McMahon founded and funded the XFL twice, with his latest run being cut short earlier this year when the season was canceled amongst the COVID-19 pandemic. The league filed for bankruptcy shortly thereafter.
Alpha Entertainment, the company McMahon used to parent the league, listed the XFL’s assets and liabilities in the range of about $10 million to $50 million in their bankruptcy filing. McMahon spent two years developing the league, nearly two decades after founding it the first time in 2001.
Now, he is officially out and it will be up to Johnson and his partners to determine a path forward.
12 PM EDT UPDATE: The Rock tweeted this:
With my trail blazing partner @DanyGarciaCo & Red Bird Capital, we have acquired the XFL.
With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to our @xfl2020 brand.
Excited to create something special for the fans! #XFL #fullcircle pic.twitter.com/LprJ6HjglD— Dwayne Johnson (@TheRock) August 3, 2020
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