Former WWE Superstar and Hollywood icon, Dwayne “The Rock” Johnson is now the proud co-owner of XFL.
According to Sportico, the bankrupt XFL has been sold to a group that consists of Johnson, his ex-wife Dany Garcia and Gerry Cardinale’s RedBird Capital. The transaction is valued at $15 million and it took place just hours prior to an auction that was set for XFL.
“Johnson, an actor and producer who played college football at the University of Miami, teamed up with Gerry Cardinale’s RedBird Capital to buy the league just hours before a planned auction was scheduled to begin.”
Back in 1995, Johnson was dropped from the Canada Football League despite being a promising football prospect and receiving offers from many Division I collegiate programs. And just 15 years later, The Great One is the proud owner of the same football league that was previously owned by his former boss, Vince McMahon.
The XFL’s 2020 return saw the league enjoying a good start but the coronavirus pandemic turned out to be the nail in the coffin.
On April 10, the XFL had laid off its employees and suspended all operations. And quite surprisingly, the company had filed for bankruptcy just a few days later.
PWInsider reports that the official buyer of XFL goes by the name of Alpha Acquico, LLC. They listed in the court as a joint venture with Redbird Capital Partners Management LLC and The Garcia Companies. The bankruptcy court in the District of Delaware has stated that Johnson’s group was the only “qualified bidder” at the table.
“The United States Bankruptcy Court for the District of Delaware noted in a filing today that since they were the only “qualified bidder” that came to the table, the auction for the XFL today was canceled.”
A sum of $8.5 million will be paid to settle any financial defaults from the previous owner.
According to the official press release, the sale won’t be official until August 7 and assuming that closing conditions are satisfied, it shall close on or shortly after August 21.