Reports: ‘The Rock’ group buys XFL for $ 15 million

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It was announced on Monday that Dwayne “The Rock” Johnson, Dany Garcia and RedBird Capital Partners have been selected as the successful bidder for substantially all of the assets of Alpha Entertainment LLC, the parent company of XFL, with the assets being sold to them. for about $ 15 million.The transaction is subject to bankruptcy court approval on Friday August 7 and, assuming the closing conditions are met, the transaction is expected to close on August 21 or shortly thereafter.

The XFL, which only lasted one season after it was founded by WWE’s Vince McMahon in 2001, rebooted this year but was forced to shut down mid-season operations due to the COVID-19 pandemic . In April, the league filed for bankruptcy.

“Acquiring the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is for me a deeply rooted investment in two things – my passion for the game and my desire to always take care of the fans,” Johnson said in a statement. declaration. “With pride and gratitude for all that I have built with my own hands, I plan to apply these calluses to the XFL, and I can’t wait to create something special for players, fans and everyone. involved for the love of football. ”

“For Dwayne, Gerry and I, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility, ”said Garcia. “Sports and entertainment are the foundations of the businesses I have built. By combining our expertise and commitment to providing unique, exciting and inspiring content, we have all focused on developing the XFL brand into a multimedia experience that our athletes, partners and fans will embrace and love with pride. ”

“It is a privilege to partner with Dany and Dwayne for the acquisition of XFL,” said Gerry Cardinale, Founder and Managing Partner of RedBird Capital Partners. “Their background in building dynamic businesses speaks for itself, and their vision and passion for developing the XFL as a world-class sports and entertainment property will enable a new future for this organization. As a partner in the acquisition and relaunch of the XFL, RedBird will bring its own track record and experience in building world-class sports and live entertainment businesses to help them realize their vision. . ”

“We are grateful for today’s result,” Jeffrey Pollack, President and COO of the XFL. “It’s a Hollywood ending to our sales process and it’s an exciting new chapter for the league. Dwayne, Dany and Gerry are a group of dream team ownership and the XFL is in good hands for the future. “



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