The Rock cooked up a plan to save the XFL. Dwayne “The Rock” Johnson headlines an ownership group that has agreed to purchase the XFL for $15 million, according to an announcement from RedBird Capital Partners. The winning bid for all assets of the XFL’s parent company is subject to bankruptcy court approval at a …
The Rock cooked up a plan to save the XFL.
Dwayne “The Rock” Johnson headlines an ownership group that has agreed to purchase the XFL for $15 million, according to an announcement from RedBird Capital Partners. The winning bid for all assets of the XFL’s parent company is subject to bankruptcy court approval at a hearing scheduled for Friday.
A sale auction scheduled for Monday was cancelled. Barring obstacles, the deal is expected to close on or around Aug. 21.
Johnson, 48, and Dany Garcia are co-founders of Seven Bucks Companies, which creates original content for television, film, emerging technologies and digital networks. Before he was a movie star, Johnson was a football player for the University of Miami and a professional wrestler.
Founded by Gerry Cardinale, RedBird manages $4 billion of capital.
“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,” Johnson said in a statement. “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.”
The second installment of the XFL launched in February by WWE founder Vince McMahon and Alpha Entertainment didn’t survive its first season, just like the original version in 2001. This time, Year 1 was halted midstream – along with other sports – because of the coronavirus pandemic.
But that was just the beginning. A few weeks later, the XFL suspended operations, laid off nearly all employees and solidified the end by declaring Chapter 11 bankruptcy, listing more than 1,000 creditors and $50 million in liabilities.
Now, it looks like the XFL will get a third life. And another rebrand in hopes someone has the secret to making football work outside of the NFL. The American Alliance of Football also crashed after one season.
“We are grateful for today’s outcome,” XFL president and chief operating officer Jeffrey Pollack said. “This is a Hollywood ending to our sale process and it is an exciting new chapter for the league. Dwayne, Dany and Gerry are a dream team ownership group and the XFL is in the best possible hands going forward.”
Johnson first rose to fame as a. breakout WWE star under McMahon’s watch in the late 90s and early 2000s.