Dwayne ‘The Rock’ Johnson- who agreed to buy XFL for $ 15 million

A group including WWE actor and former star Dwayne Johnson agreed to buy XFL for about $ 15 million, according to a news release released Monday morning.

The XFL declared bankruptcy Chapter 11 on April 13 and has been seeking buyers for the past three months, marketing itself as a product for TVs that could move from early 2021 to the concept of a bubble during the coronavirus pandemic.

XFL

Johnson and his investors – including business partner Dany Garcia along with RedBird Capital Partners – are planning to play next season, Garcia told ESPN.

“We are planning it,” said Garcia, the first female owner of a major US sports tournament. “We are taking all the necessary steps to do that. But we are also paying attention to what has actually been successful. It is interesting to see that [in sports when you create Bubbles, your players are safe.

When you don’t, it’s chaos. We are a tournament, because the number of teams we have, can really create a bubble environment. Those discussions are active. “

XFL

The sale must be approved by a bankruptcy judge at a hearing on Friday. Monday afternoon, the committee of the unsecured court of bankruptcy court filed a protest against some of the assets included in the sale.

Garcia will take an executive position with XFL and say that both she and Johnson will take a practical approach to run the tournament. When asked about hiring other executive leaders, she said: “We have discussed it closely with the current XFL management team.”

XFL president and CEO Jeffrey Pollack is one of the few active employees in the tournament. Most were fired on April 10.

XFL

The XFL has twice shut down after a season, the first in 2001 and again earlier this year due to the pandemic, and there hasn’t been a successful alternative professional football tournament since AFL was forced to wax. merged with the NFL in 1970.

But XFL owner Vince McMahon is a determined aspirator, investing $ 200 million in the second rebirth of the tournament, one who promises to “recreate” the game. But eight teams were suspended from play after five weeks.

The XFL has twice shut down after a season, the first in 2001 and again earlier this year due to the pandemic, and there hasn’t been a successful alternative professional football tournament since AFL was forced to wax. merged with the NFL in 1970.

But XFL owner Vince McMahon is a determined aspirator, investing $ 200 million in the second rebirth of the tournament, one who promises to “recreate” the game. But eight teams were suspended from play after five weeks.

McMahon considered bidding on the XFL itself during the bankruptcy process but ultimately decided against it.

In a statement, Johnson, 48, gave a glimpse of the same McMahon-like sophistication that he could bring to the tournament.

“The acquisition of XFL with my talented partners, Dany Garcia and Gerry Cardinale is an investment for me that stems from two things – my passion for the game and the desire to always be concerned. fans, “Johnson said. who played soccer at the University of Miami from 1990 to 1994.

“With pride and gratitude for all that I have built with my hands, I intend to apply these names to XFL and wish to create something special for the players, fans, and everyone involved for the love of football. “

In a statement, Pollack referred to the pending sale as “ending Hollywood” and said Johnson’s investors were “a dream team owner and XFL is in the best hands possible in the future.”

Cardinale is the managing partner and CEO of RedBird, a company that manages more than $ 4 billion in assets. Last week, it bought a controlling interest in the Toulouse Football Club, a French soccer team. In November, it invested $ 125 million in a new company that secured the NFL franchise

The organizational plan for the latest version of XFL is unclear. McMahon fired XFL commissioner Oliver Luck on April 9 and Luck responded by suing McMahon for wrongful termination and seeking $ 23.8 million. The lawsuit is pending bankruptcy.

The tournament averages 1.9 million television viewers per game and generates nearly $ 20 million in revenue in 2020, according to court records. It has projected $ 46 million in gross revenue for season 10 games, each data point exceeding internal expectations, according to sources.

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