Dwayne “The Rock” Johnson has purchased the XFL

Posted by Andy Durham on August 3, 2020 at 12:48 pm under Photos, Professional | Comments are off for this article

from www.wxii12.com:

Dwayne Johnson/”The Rock” is heading back to the world of sports entertainment after securing the previously defunct XFL.

The wrestler turned actor acquired the league in a reported $15 million deal alongside business partner and ex-wife Dany Garcia and investment firm RedBird Capital.

“With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to our XFL brand,” Johnson tweeted Monday. “Excited to create something special for the fans!”

from WresltingInc.com:/www.wrestlinginc.com:
Dwayne “The Rock” Johnson, his long-time business partner Dany Garcia, and Cardinale’s RedBird Capital have purchased the XFL. The group reportedly split the price of $15 million dollars evenly, according to Sportico.com.

Rocky has now taken to social media to confirm the news. He also took the time to make a statement on the purchase, saying that the group will work tirelessly to bring something special to the XFL fans.

“With my trail blazing partner @DanyGarciaCo & Red Bird Capital, we have acquired the XFL,” Dwayne writes. “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”

As noted, the league shut down and filed for Chapter 11 bankruptcy earlier this year as the Coronavirus pandemic grew in severity. At the time, all major employees were let go.

This new transaction is required to be approved through a bankruptcy court at a hearing this Friday, August 7. If all conditions are properly met, it is expected to close around the date of August 21.

from Jason Powell, at ProWrestling.net a isnd this Official Press release on today’s XFL proceedings…..

The following press release was issued on Monday regarding the purchase of the XFL made by Dwayne Johnson, Dany Garcia, and RedBird Capital Partners.

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.


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