The Rock can smell what the XFL is cooking.
WWE owner Vince McMahon brought the league back in 2019 and it lasted just part of one season before the COVID-19 pandemic put it on hold.
Dwayne Johnson along with Dany Garcia and RedBird Capital Partners have been selected as the winning bidder for substantially all of the assets of Alpha Entertainment LLC, the parent company of the XFL.
The XFL assets will be sold to Johnson, Garcia and RedBird for approximately $15 million, in accordance with the terms and conditions of the asset purchase agreement. The transaction is subject to bankruptcy court approval at a hearing this Friday, August 7 and, assuming that closing conditions are satisfied, is expected to close on or shortly after August 21. The sale auction previously scheduled for today will not occur.
Through this acquisition, the group secures the ability to option live entertainment intellectual property for further expansion across sports, live events and original entertainment programming.
“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,” Johnson said.
“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.”
Johnson and Garcia are co-founders of Seven Bucks Companies, a multi-platform enterprise pioneering original content for television, film, emerging technologies and digital networks, and have been behind some of the most successful platforms in global entertainment.
Through their joint enterprise, Johnson Garcia’s work spans all entertainment and creative verticals involving investments, brand integrations, philanthropic endeavors, marketing, and film and television projects that are rooted in authenticity, passion and strong storytelling with a mission of promoting equality and inclusion.
“We are grateful for today’s outcome. This is a Hollywood ending to our sale process and it is an exciting new chapter for the league. Dwayne, Dany and Gerry are a dream team ownership group and the XFL is in the best possible hands going forward,” Jeffrey Pollack, XFL president and chief operating officer, said.
Over the last 20 years, Cardinale has been responsible for the creation of several multi-billion dollar sports and entertainment companies in partnership with some of the most iconic rights holders in the world, including the YES Network with the New York Yankees; Legends Hospitality with the Yankees and Dallas Cowboys; On Location Experiences with the National Football League (NFL); and OneTeam Partners with the Players’ Associations of the NFL, Major League Baseball, Major League Soccer, United States Women’s National Soccer Team and Women’s National Basketball Association.
Johnson had $7 in his pocket when Wally Buono cut him from the Stamps in 1995 after a two-month practice roster stint. The Rock is now estimated to have a net worth of over $280 million. The Rock’s investment of $7.5 million is mere pocket change for him these days.