Dwayne “The Rock” Johnson Buys XFL With Partners For $15 million
The XFL has new owners! The news is coming out today that the League was recently sold to a group that includes beloved Disney-star Dwayne “The Rock” Johnson. The hope is that this move will give the bankrupt football league some star power and increase its fan base!
Johnson (who played college football at the University of Miami) joined forces with Gerry Cardinale’s RedBird Capital to buy the league just before an auction was expected to begin. The team paid $15 million splitting it with Johnson’s business partner, Dany Garcia (who is his ex-wife and equal stakeholder.)
According to Sportico, the court filing reports that this was the only qualified bid for the league. The next step in the process is for bankruptcy court approval. The hearing for this is expected to happen on August 7th. As long as closing conditions are satisfied the deal could close as early as August 21, 2020.
RedBird has made a series of sports-related investments in the past including those involving NFL teams and players. However, it is with Dwayne Johnson’s involvement that the XFL will continue its legacy with the WWE. For those that don’t know, the XFL was actually founded and funded initially by WWE Chairman and CEO Vince McMahon.
XFL President Jeffrey Pollack oversaw the sale and had this to day, “I could not imagine a better outcome for the XFL. Dany, Dwayne and Gerry are the best possible ownership group for the exciting journey ahead.” He continues, “Their collective track-record of success in entertainment, sports and media is stellar, and I think our fans, players, coaches, and partners are in for something special.” Garcia and Johnson are co-founders of Seven Bucks Companies, a multi-platform enterprise pioneering original content for TV, film, digital networks and more.
The XFL filed for bankruptcy back in April after COVID-19 resulted in the cancellation of its first season. This is unfortunate given that it was off to a promising start, McMahon spent two years developing the 8-team league and the XFL drew more than 3 million viewers in its first week. However, those numbers dwindled to half that right before the COVID-19 shutdown.
This is a story that we’ll continue to follow closely here at MickeyBlog. Readers are encouraged to keep following along with us for additional news and updates.
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