By Anthony Caruso III | Publisher
Dwayne “The Rock” Johnson is a former football player. He is also a wrestling great.
He previously worked for the World Wrestling Entertainment (WWE). Johnson knows Vincent Kennedy McMahon, the WWE Chairman.
Now, he has purchased the XFL from McMahon. Johnson, along with investors, including his ex-wife Dany Garcia, along with RedBird Capital Partners, purchased the XFL for $15 million.
McMahon was the co-owner of the league in 2001 before the league folded. Then, in 2020, the league returned but shut down without finishing a season due to the coronavirus pandemic.
It is not clear at this time when Johnson and his investors will relaunch the league. The league filed for Chapter 11 bankruptcy on April 13th.
“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,” said Johnson, who played football at the University of Miami from 1990 to ’94. “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.”
McMahon even considered bidding on his baby during the bankruptcy proceedings. But ultimately decided against it.
Early on in the season, the league was a hit. But as the season went on, their TV ratings failed to keep up with the first few weeks.
XFL is saying that this deal is a “Hollywood ending.” In addition, the league is calling this sale “a dream team ownership group and the XFL is in the best possible hands going forward.”
Johnson and his group will now have to work out an agreement with Oliver Luck. McMahon fired Luck in April — but he was wrongfully terminated.
Therefore, he sued McMahon. Now, the lawsuit can continue even though McMahon is no longer in charge. Johnson and his group takes over the lawsuit.
According to ESPN, the league had $46 million in revenue before the shut down.