Dwayne “The Rock” Johnson is part of a group that bought the XFL, which went bankrupt earlier this year.
It seems that Dwayne “The Rock” Johnson keeps the XFL in the family of professional wrestling.
As Sportico first reported, Johnson is part of the group that bought the professional soccer league, which was originally founded by WWE President Vince McMahon. Earlier this year, the XFL declared bankruptcy after ceasing operations as a result of the coronavirus (COVID-19) pandemic.
The group is paying $ 15 million for substantially all of the assets of Alpha Entertainment LLC, the parent company of XFL, according to a statement Monday.
Johnson and Garcia were considering buying the XFL at the same time as Cardinale, and the two groups decided to team up to complete the purchase, Garcia said in an interview Monday morning. Garcia and Johnson were previously married.
“We were all looking at the property in depth simultaneously,” said Garcia, who was a huge fan of the XFL in her 2020 season and called Johnson when she saw the opportunity to buy it.
Cardinale is a former partner at Goldman Sachs Group Inc. and his private investment firm RedBird manages $ 4 billion of capital. Cardinale partnered with the Steinbrenner family in 2002 to launch the YES Network, not the network. 1 regional sports network in the US, according to the Redbird website.
“With pride and gratitude for all that I have built with my own hands, I plan to apply these calluses to the XFL and look forward to creating something special for the players, the fans and everyone involved for the love of soccer, Johnson said in the statement. The sale is subject to bankruptcy court approval at a hearing on Friday and can be completed around August 21.
Alpha Entertainment filed for bankruptcy in April after the Covid-19 pandemic forced the closure of the league’s first season. The upstart soccer league was founded in 2017 by promoter Vince McMahon, best known for turning professional wrestling into a global business, and played its first game in 2020, according to a court file. McMahon withdrew his offer to get XFL out of bankruptcy in May after opposition from creditors.
Johnson, an eight-time WWE heavyweight champion, bought the league along with investment firm RedBird Capital. According to Sportico, the spring soccer league sold for $ 15 million, with Johnson and the investment group splitting the price evenly. Dany Garcia, Johnson’s business partner and ex-wife, is also a stakeholder.
The acquisition of XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an good investment for me that is deeply rooted in two things my passion for the game and my desire to always take care of my fans, Johnson said in a press release. “With pride and gratitude for all that I have built with my own hands, I plan to apply these calluses in the XFL and hope to create something special for the players, fans and everyone involved for the love of soccer. “
After closing after its initial season in 2001, the XFL was relaunched in 2020 and enjoyed relative success during its first five weeks of the season. Since they ceased operations, several players from the eight-team league, which aired nationally on FOX, ESPN and ABC, have signed with NFL teams.
