The XFL may be free from WWE mogul Vince McMahon, but it’s staying in the wrestling family.
According to Sportico, a group that includes actor and former WWE star Dwayne “The Rock” Johnson swooped in to buy the bankrupt football league just hours before it was set to go to auction. The price was $15 million, split evenly between Johnson and investment partner RedBird Capital. Dany Garcia, Johnson’s ex-wife and business partner, is also a stakeholder in the business.
RedBird Capital is a private equity firm owned by Gerry Cardinale, and has numerous sports investments. RedBird recently bought French soccer team Toulouse, and is an investor in YES Network, the New York Yankees’ regional sports network.
XFL gets another chance
The XFL had gotten off to a promising start before the worldwide COVID-19 sports shutdown forced it to shutter. It was reformed in 2018 using the same name as the infamous 2001 football league, but without the focus on wrestling talent. Following an October 2019 draft, it began play in February 2020 with eight teams, premiering with strong ratings and maintaining between one and two million viewers per week.
Now the XFL is getting a third chance. It’s still early, so we don’t know how Johnson and RedBird Capital will approach their new football league. They may try to rebuild using the teams that had already been created (though all XFL employees were terminated in April), or if they’ll completely redo the entire league.