Dwayne Johnson better known as “The Rock” just made a huge business move that could dramatically change his life for many years to come. It was recently announced that in combination with his partners Dany Garcia and RedBird Capital, The Rock has just acquired all of the rights to the troubled “XFL” football league. The total acquisition costs $15 million and it was split evenly between The Rock, RedBird Capital, and Dany Garcia.
The XFL is an alternative football league created by Johnson’s form boss Vince McMahon of the WWE. The league was originally founded in 2001 under McMahon’s leadership until a run of problems led to the operation being shut down.
McMahon tried his luck again with a reboot of the XFL in 2018 and things were off to a good start until the COVI-19 pandemic hit. The XFL draft occurred in October 2019 and the official season began a few months later in February 2020. About a month after the official 2020 XFL season started, the company was forced to suspend all further games due to the coronavirus outbreak.
All of this led to the XFL filing for chapter 11 bankruptcy, with Dwayne “The Rock” Johnson now owning the company, this makes the third time around for the XFL. Now that there is a new team of managers and owners, many people are excited to see what they may be able to bring to the previously failed football league.
What is means for the XFL
The new acquisition is interesting for several reasons, one of the primary ones being the irony in the fact that a now ex-WWE star owns the very company which his previous boss started. While it’s unclear whether Vince McMahon will play a huge role in the company now, we can only assume that he will pop in every now and then.
Outside of The Rock having an obvious background in the sports world, RedBird Capital is a private equity firm that has many existing sports investments. Gerry Cardinale owns RedBird Capital and the firm has many existing sports investments. Recently, RedBird Capital purchased the French soccer team “Toulouse” and the firm is also a major investor in the YES network which is the regional sports network for the New York Yankees.
“This is a Hollywood ending to our sale process and it is an exciting new chapter for the league.” said Jeffrey Pollack, the ex-president of the XFL.
While it’s still in the early stages of transition, it’s unclear what direction The Rock and his business partners will take the XFL. However, judging by The Rock’s twitter post about his new acquisition, we can expect nothing but positive things.
Here is what the ex-WWE superstar and Hollywood magnet said about their recent purchase on Twitter: “With my trail blazing 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 @xfl2020brand. Excited to create something special for the fans! #XFL#fullcircle”