A group led by actor and former WWE star Dwayne Johnson has agreed to purchase the XFL for approximately $15 million. The XFL, which declared Chapter 11 bankruptcy on April 13, has been seeking a buyer for the past three months, marketing itself as a made-for-TV product that could transition to a bubble concept during the coronavirus pandemic as early as 2021. Johnson and his investors, including his business partner Dany Garcia and RedBird Capital Partners, are making plans to play next season.

Dwayne The Rock Johnson on why he changed his daily routine to do less
Dwayne The Rock Johnson

The sale must be approved by a bankruptcy judge at a hearing on Friday. The bankruptcy court’s committee of unsecured creditors filed an objection on Monday afternoon based on certain assets included in the sale. If approved, Garcia will have an executive position with the XFL and said that both she and Johnson will have a hands-on approach to running the league. She also said that they are in close discussion with the current XFL management team.

Also Read: Adele, Ed Sheeran Side With Meghan Markle, Prince Harry? Reportedly Deny Performing in King Charles’ Coronation Ceremony Despite the King Being ‘Very Keen They Were Part of the Concert’

XFL’s troubled history and Dwayne Johnson’s passion for football

The XFL has twice shuttered after one season, first in 2001 and again as a result of the pandemic, and there hasn’t been a successful alternative professional football league since the AFL forced a merger with the NFL in 1970. But XFL owner Vince McMahon had been a determined aspirant, investing $200 million in the league’s second incarnation, one that promised to “reimagine” the game. However, the eight teams suspended play after five weeks.

XFL and Dwayne Johnson

Organizational plans for the newest version of the XFL are not clear. McMahon fired XFL commissioner Oliver Luck on April 9, and Luck responded by suing McMahon for wrongful termination and is seeking $23.8 million. The lawsuit was on hold awaiting the results of the bankruptcy.

In a statement, Johnson provided a glimpse of the McMahon-like flair he could bring to the league. “The acquisition of the XFL with my talented partners, Dany Garcia, and Gerry Cardinale, is an investment for me that’s rooted deeply in two things — my passion for the game and my desire to always take care of the fans,” said Johnson, who played football at the University of Miami from 1990 to 1994.

With pride and gratitude for all that I’ve built with my own two hands, I plan to apply these callouses to the XFL and look forward to creating something special for the players, fans and everyone involved for the love of football.”

Also Read: “Keep your f—king thoughts to yourself”: Shaquille O’Neal Shows No Mercy to Rihanna Haters Including Donald Trump, Threatens Everyone to Leave Her Alone After Super Bowl Performance

Dany Garcia and Dwayne "The Rock" Johnson, along with RedBird Capital, became the new owners of the bankrupt XFL.
Dany Garcia and Dwayne “The Rock” Johnson,

Garcia said that they are being mindful of what has actually been successful during the pandemic. “When you create a bubble, your players are safe. When you don’t, it’s chaos,” she said. “We are a league, because of the number of teams we have, that actually can create a bubble environment. Those discussions are active.”

XFL’s viewership and revenue and Dream team ownership group

The XFL averaged 1.9 million television viewers per game and generated nearly $20 million in gross revenues in 2020, according to court filings. It had projected $46 million in gross revenues for the 10-game season, each data point exceeding internal expectations, according to sources.

XFL Seeking Investors To Own Up To 45% Of The League

XFL president and chief operating officer, Jeffrey Pollack is among the league’s few active employees. Most were laid off on April 10. In a statement, Pollack called the pending sale “a Hollywood ending” and said Johnson‘s investors are “a dream team ownership group, and the XFL is in the best possible hands going forward.” Gerry Cardinale is the managing partner and CEO of RedBird, which manages more than $4 billion in assets.

Also Read: “Her hopes for running for President are all but dashed”: Megyn Kelly Rips Meghan Markle, Prince Harry for Leaving Royal Family for a Career in American Politics

League Infrastructure and Staffing

The XFL is expected to require significant investment to revitalize the league, including infrastructure and staffing. The league’s former staff of approximately 400 employees was laid off in April as part of the bankruptcy filing, and it is unclear how many of those employees will be rehired by the new ownership group. However, Garcia indicated that the XFL’s current management team has been in discussions with the new ownership group, and she praised their work during the 2020 season.

New Ownership Acquires XFL

Additionally, Garcia and Johnson are expected to take a hands-on approach to run the league. Garcia will hold an executive position with the XFL, while Johnson is likely to bring his business savvy and passion for football to the table. With Johnson’s entertainment industry experience and RedBird’s financial expertise, the XFL’s new ownership group could bring a fresh perspective and a new level of professionalism to the league.

Read More: “He knows he needs a break”: Kelly Ripa Drove Ryan Seacrest Too Hard for ‘Live’ Despite Earning Twice His Salary as Co-Host Was Feared to Have Suffered Heart Attack on Live Television in 2020

Source: Espn

Was this helpful?

Thanks for your feedback!
Explore from around the WEB