Dwayne Johnson has teamed up with RedBird Capital Partners and Dany Garcia to purchase the XFL from Alpha Entertainment LLC.
The purchase, which has cost an estimated $15m, will mean all XFL assets will be sold to the trio, subject to bankruptcy court approval, before it was scheduled to go up for auction later today.
Johnson stated: “The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale (the founder of RedBird Capital Partners), 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.
“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.”
“We are grateful for today’s outcome,” added Jeffrey Pollack, XFL President and COO.
“This is a Hollywood ending to our sales 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.”
According to Sportico, Johnson and Cardinale split the $15m price tag between them with Garcia being included as a stakeholder.
This is not RedBird’s first major acquisition this year, with the company continuing to expand its sporting portfolio. Along with the American football competition, the firm has acquired relegated Ligue 1 side Toulouse, highlighting the companies plan for worldwide expansion.
“It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL,” commented Cardinale, the Founder and Managing Partner of RedBird Capital Partners.
“Their track record 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 organisation.
“As their partner in acquiring and relaunching the XFL, RedBird will bring its own track record and experience in building world class companies in sports and live entertainment to help realise their vision.”
Garcia concluded: “Sports and entertainment are the foundations of the businesses I have built. Melding our expertise combined with our commitment to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love.”