Actor and producer Dwayne Johnson, Dany Garcia, and Gerry Cardinale’s RedBird Capital, have struck a deal with XFL Owner Vince McMahon to buy the COVID-shuttered football league.
McMahon worked through 2019 to restart his XFL football league for a 2020 debut, but the coronavirus scuttled his plans.
But now, according to XFL president Jeffrey Pollack, the nascent sports league is having a “Hollywood ending,” the Hollywood Reporter reported.
In April, McMahon shut the league down due to a loss of “tens of millions” because the coronavirus prevented him from launching the season that was planned.
McMahon then filed for bankruptcy, but the deal with Johnson and his cooperative of buyers has canceled the proceedings.
“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 2,” McMahon and the buyers said in a joint statement.
Garcia noted that the new owners of the XFL look to begin “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,” Dwayne Johnson in a statement. “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.”
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