Dwayne “The Rock” Johnson has purchased the XFL for $15 million according to court documents filed on Monday in a Delaware Bankruptcy Court. The auction for the defunct league was to occur prior to the announcement.
With my trail blazing partner @DanyGarciaCo & Red Bird Capital, we have acquired the XFL.
— Dwayne Johnson (@TheRock) August 3, 2020
With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to our @xfl2020 brand.
Excited to create something special for the fans! #XFL #fullcircle pic.twitter.com/LprJ6HjglD
Johnson, a former WWE superstar, is partnering with Redbird Capital and Dany Garcia (also Johnson’s ex-wife) to purchase the league. In addition, the acquisition will include an additional $8.5 million to settle defaults as well as assumption of “certain specified liabilities.” One of these liabilities would be Oliver Luck’s lawsuit against the league for claims of breach of contract.
Rock Buys XFL by MMA Payout on Scribd
According to court documents, there was “only one Qualified Bid” that was received by the July 30, 2020 deadline. This, despite the fact that the debtor claimed that there were numerous bids for the company.
Payout Perspective:
The story behind the acquisition of Alpha Entertainment by Alpha Acquico, LLC (the joint venture between Johnson, Garcia and Redbird) will come out in the coming weeks. But one has to speculate that Vince McMahon may have called in a favor from Johnson. Also, how realistic were the other offers for the purchase. One would think any other bids were seeking to get the company at a bargain basement price. A former University of Miami football player, Johnson will be a fitting face for the third reincarnation of the league.
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