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Bankrupt XFL League Sold To The Rock and Partners
Dwayne ‘The Rock” Johnson has partnered with Redbird Capital and purchased the XFL for $15 million. The news was first reported by Sportico, and later confirmed by Kevin Seifert of ESPN.
According to the report, Johnson and Redbird Capital purchased the league hours before it was scheduled to go up for auction. They paid $15 million dollars, splitting the cost evenly, with Johnson’s ex-wife and business partner Dany Garcia also a stakeholder in the league. The deal is subject to court approval on August 7.
Redbird has a number of sports-related investments, including $125 million investment in OneTeam Partners, which licenses MLB and NFL players rights.
In a statement to ESPN, Johnson confirmed the news.
‘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, my desire to always take care of the fans,’ Johnson stated. “With pride and gratitude for all that I’ve built with my own two hands, I plan to apply these to the XFL, and look forward to creating something special for the players, fans, and everyone involved for the love of football.”
https://twitter.com/DanyGarciaCo/status/1290284934754496512
“This is a Hollywood ending to our sale process and it is an exciting new chapter for the league,” XFL Present Jeffrey Pollack stated to SportsBusiness Group
The XFL filed for bankruptcy in April, due to the cancelation of its inaugural season due to the COVID-19 pandemic. According to bankruptcy filings, the league’s assets range from $10 – $50 million.
With my trail blazing partner @DanyGarciaCo & Red Bird Capital, we have acquired the XFL.
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— Dwayne Johnson (@TheRock) August 3, 2020
The following press release was issued following the sale
Dany Garcia, Dwayne Johnson and RedBird Capital Partners Acquire the XFL
XFL assets and intellectual property represent attractive sport and direct-to-consumer opportunity
LOS ANGELES and NEW YORK , Aug. 03, 2020 (GLOBE NEWSWIRE) — Dany Garcia, Dwayne Johnson 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 Garcia, Johnson 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.
“For Dwayne, Gerry and myself, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility” said Dany 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 multi-media experience that our athletes, partners and fans will proudly embrace and love.”
“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 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.”
“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. “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 organization. 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 realize their vision.”
“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.”
Garcia and Johnson 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, Garcia and Johnson’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.
Over the last twenty 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.