News broke around noon today of actor and famed WWE wrestler Dwayne “The Rock” Johnson and his ex-wife and business partner Dany Garcia led the RedBird Entertainment group’s purchase of the XFL.
“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,” said Johnson.
Garcia, Johnson, and RedBird Capital Partners were selected as the winning bidder for substantially all of the assets of Alpha Entertainment LLC, the parent company of the XFL.
“It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL,” said Gerry Cardinale, Founder and Managing Partner of RedBird Capital Partners.
The XFL assets will be sold to Garcia, Johnson, and RedBird for approximately $15 million, per the terms and conditions of the asset purchase agreement. The transaction is subject to bankruptcy court approval at a hearing scheduled for Thursday of this week. Assuming that closing conditions are satisfied, the deal is expected to close on or shortly after Friday, Aug. 21, according to an official press release.
Through the acquisition, the group will secure the ability to option live entertainment intellectual property for further expansion across sports, live events, and original entertainment programming.
“For Dwayne, Gerry and myself, 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. 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 multimedia experience that our athletes, partners, and fans will proudly embrace and love.”
“We are grateful for today’s outcome,” said Jeffrey Pollack, XFL President, and COO. “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.”
Outside of the official joint statement by Johnson, Garcia, and Cardinale, there hasn’t been any further information released of how they plan to run Alpha Entertainment and the XFL.
“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,” said Johnson.