Dwayne 'The Rock' Johnson, Dany Garcia Team Up with Investor Group to Buy the XFL for $15 Million
The actor is teaming up with Dany Garcia alongside RedBird Capital to buy the XFL — the bankrupt football league founded by WWE CEO Vince McMahon
Dwayne "The Rock" Johnson is making his triumphant return to the world of sports.
Johnson shared news of the deal on social media on Monday, tweeting, "With my trail blazing [sic] 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," he added. "Excited to create something special for the fans! #XFL #fullcircle."
The XFL is a professional football league launched by McMahon that marks his second attempt to fill the void of no football after the Super Bowl, per The Washington Post. The current iteration of the XFL was founded in 2018 and began earlier this year before the coronavirus pandemic shut it down.
According to a report from ESPN, the XFL declared Chapter 11 bankruptcy back in April and has been seeking a buyer for the past few months.
In a statement obtained by the outlet, XFL president Jeffrey Pollack called the sale "a Hollywood ending" and added that Johnson's investors are "a dream team ownership group and the XFL is in the best possible hands going forward."
The XFL was originally scheduled to go to a bankruptcy auction, but the acquisition by RedBird, Johnson and Garcia has canceled the proceedings, per The Hollywood Reporter.
"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 companies said in a statement.
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Johnson and Garcia have big plans for the XFL, which originally marketed itself as a much faster version of the NFL.
In announcing the deal, the new owners said they have secured "the ability to option live entertainment intellectual property for further expansion across sports, live events and original entertainment programming," according to Deadline.
Garcia said that the partners plan on "developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love."
She added, "For Dwayne, Gerry and myself, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility. Sports and entertainment are the foundations of the businesses I have built."