The XFL, a twice-unsuccessful professional football alternative to the NFL fronted by WWE chief Vince McMahon, has been sold to Dany Garcia, Dwayne Johnson and RedBird Capital Partners for $15 million.
The new owners were selected as the winning bidder for the assets controlled by Alpha Entertainment, the parent company of the XFL. The transaction is subject to bankruptcy court approval at a hearing this Friday. Assuming that closing conditions are satisfied, the acquisition is expected to close on or shortly after August 21.
In announcing the deal, the projected new owners said they have secured “the ability to option live entertainment intellectual property for further expansion across sports, live events and original entertainment programming.”
The XFL, which had two single-season attempts to go up against the NFL, one in 2000 and the second this year, was fronted by McMahon and the WWE, which owned a 23.5% stake in the league. After starting its season in February, the XFL was forced to shut down due to COVID-19 in March. It filed for bankruptcy protection in April.
“For Dwayne, Gerry and myself, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility” Garcia said. “Sports and entertainment are the foundations of the businesses I have built. Melding our expertise combined with our commitment to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love.”
Johnson has a connection to the sport, having played college football at Miami.
“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. “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.”
Jeffrey Pollack, president and COO of the XFL, called it a “Hollywood ending” to the process of seeking a sale.
Garcia and Johnson are co-founders of Seven Bucks Companies, a multi-platform enterprise pioneering original content for television, film, emerging technologies and digital networks.
Source: Read Full Article