So how did Dwayne “The Rock” Johnson and his partners finish the carcass of the XFL for just $ 15 million? Apparently there were no other viable buyers.
Daniel Kaplan of TheAthletic.com reports that the court presiding over the XFL bankruptcy case wrote on Monday that “no further qualified bids were received before the submission deadline. Only two offers arrived before last week’s deadline to make offers, and only Johnson succeeded.
This explains the reason for the cancellation of Monday’s auction; there would have been only one bidder.
Kaplan reports that the “unsecured creditors” committee opposed the proposed sale, arguing that the terms are “generally inconsistent with market standards” and that the contract of sale includes the ability to recover certain payments made within 90 days and a -years, allegedly exceeding $ 60 million.
Buying the league requires court approval. With no other entity offering more money for the XFL than The Rock and their partners, it’s hard to call the deal anything other than what it is: the best available.