Do you smell what The Rock is cook— err, buying?
Former WWE superstar Dwayne “The Rock” Johnson and RedBird Capital, a private equity investment firm led by Gerry Cardinal, have partnered to buy the XFL for $15 million. Sportico‘s Scott Soshnick first reported the deal was on the table and it closes just hours before the league was to be sold off at auction. According to Sportico, Johnson will split the $15 million equally with RedBird Capital. Johnson’s business partner and ex-wife, Dany Garcia, will also be a stakeholder as well.
Johnson issued the following statement regarding the sale:
“The acquisition of the XFL with my talented partners, Danny 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 Dwayne Johnson. “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.”
Garcia also posted the following:
For The Love of Football
For The Love of The Athletes
For The Love of The Fans
@xfl2020 #Owner @TheRock #GerryCardinale pic.twitter.com/gNTHiJeDp8— Dany Garcia (@DanyGarciaCo) August 3, 2020
The XFL initially filed for bankruptcy in April due to the COVID-19 pandemic, with parent company Alpha Entertainment listing the league with assets and liabilities in the range of about $10 million to $50 million. The original XFL, created in 2001 in partnership with NBC, folded after one season.
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