Dwayne "The Rock" Johnson and Gerry Cardinale's RedBird Capital bought the XFL for $15 million, just hours before an auction was set to take place. The XFL's parent company, Alpha Entertainment LLC, filed for Chapter 11 bankruptcy in April after the COVID-19 pandemic forced the league to shutter after five weeks of play.
According to Sportico, all of the investors will have an equal stake in the business, including Johnson's ex-wife and business partner Dany Garcia. Johnson released a statement following the news, which reads, "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. 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."
The deal is expected to be finalized on or around August 21.
Source: USA Today
