Dwayne Johnson a former WWE wrestling star who turned into one of the most famous action heroes in Hollywood, has teamed up with his ex-wife and a top sports management company to buy XFL in 15 million dollars.
As per Monday Press release, Johnson was among the group who won the finale bid to buy XFL parent company Alpha Entertainment LLC. Dwayne Johnson has teamed up with entrepreneur Dany Garcia also his ex-wife and RedBird Capital Partners in the purchase.
Gerry Cardinale is the founder of REdBird Capital Partners, and has established several multi-billion dollars sports and entertainment companies, whereas Johnson and Garcia are co-founders of Seven Bucks Company which includes investment, marketing, brand integrations, film and television projects.
Dwayne in his statement said that, “The acquisition of the XFL with my talented partners, Dany Barcia 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 fans.”
He continued his statement while adding, “With pride and gratitude for all that I’ve built with my own 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.”
XFL President and COO Jeffery Pollack gave a statement saying that they were grateful for today’s outcome and that it was a Hollywood ending to their sale process and was an exciting new chapter for the league.
They continued saying that Dwayne, Dany and Gerry was a dream team ownership group and that the XFL is in the best possible hands going forward.
Just a month after 2020 season was shuttered due to the COVID-19 pandemic and XFL filed for chapter 11 bankruptcy in April 13. Even if the immediate shutdown of the league was due to the pandemic, it also had faced an uphill climb to counter the resources and audiences of N.F.L. the United Football league.
The XFL has introduced numerous innovative concepts to its broadcasts, for example the exciting kickoff rule that mandated the kicker had to kick the ball in the aid and in play between the 20-yard line and end zone, while the coverage team had to line up on the return side 35-yeard line and the return team had to line up on the 30-yard line. But even these innovative ideas weren’t enough to overshadow it.
Garcia said in her statement that, “Sports and entertainment are the foundation of the businesses I have built.” She continued her statement while adding, “Melding our expertise combined with our commitment to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into multi-media experiencing that our athletes, partners and fans will proudly embrace and love.”
The bankruptcy court still needs to approve the deal at the hearing on 7th August 2020. Once the court approve the deal, the purchase would be completed by the end of the month.
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