wrestling / News

UPDATEDx2: The Rock Issues Statement on Buying The XFL, Details On Court Ruling

August 3, 2020 | Posted by Joseph Lee
The Rock Dwayne Johnson The Titan Games

UPDATE 2: The Rock has issued a statement on his purchase of the XFL, posting the statement to his Instagram account:

Verified
I’ll start this post with a heartfelt & excited, THANK YOU for the incredible responses I’ve been seeing from you all day.

With my trail blazing partner @DanyGarciaCo & Red Bird Capital’s Gerry Cardinale – we have acquired the XFL.
With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to building our @xfl brand to create something special for the fans.
My dreams of playing professional football never came true, however – this passion venture allows me to create opportunities for other players to showcase their talents, take care of their families and make their own dreams come true.
Now, my partners and I go to work – for the love of football.
#XFL #fullcircle

View this post on Instagram

I’ll start this post with a heartfelt & excited, THANK YOU for the incredible responses I’ve been seeing from you all day. With my trail blazing partner @DanyGarciaCo & Red Bird Capital’s Gerry Cardinale – we have acquired the XFL. With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to building our @xfl brand to create something special for the fans. My dreams of playing professional football never came true, however – this passion venture allows me to create opportunities for other players to showcase their talents, take care of their families and make their own dreams come true. Now, my partners and I go to work – for the love of football. #XFL #fullcircle

A post shared by therock (@therock) on

UPDATE: PWInsider reports that the official name of the company The Rock used to purchase the XFL is called Alpha Acquico, LLC. It is listed in court filings as a joint venture of Redbird Captial and The Garcia Companies.

The United States Bankruptcy Court for the District of Delaware stated that since Alpha Acquico was the only ‘qualified bidder’ that was interested, the auction that was planned was cancelled. The purchase will give the company all of the league’s assets. They have also agreed to take on ‘certain specified liabilities’ and provide $8.5 million for any payments needed to clear ‘previous financial defaults’ from the previous owner. The official sale happens on Friday during a court hearing. Everything will be closed by the end of the month.

Original: While Vince McMahon put the XFL up for sale earlier this year after the football league declared bankruptcy and shut down operations. However, it seems will still be within the WWE’s extended family. Sportico reports that Dwayne ‘The Rock’ Johnson and his partners at Redbird Capital have purchased the XFL for $15 million.

The Rock has some experience with football, of course, as he used to play in college for the University of Miami. The purchase was made hours before an auction was scheduled to happen, as Rock and Redbird’s Gerry Cardinale split the cost 50-50. Johnson’s business partner Dany Garcia will also be a stakeholder in the league. Redbird has made sports-related investments in the past, including some with ties to the NFL.

The XFL was revived in 2018 and spent two years in development. As noted, the COVID-19 pandemic forced the XFL to cancel the first season of its reboot, even though it had a broadcast agreement with Fox. At the time of the cancellation, it was doing reasonably well in the ratings, although it was doing half the numbers in the fifth week (which was also its last) than it did in its first week. Networks may be more inclined to give it another chance now that the Rock is onboard. He’s currently working with NBC as an executive producer on The Titan Games. XFL President Jeffrey Pollack oversaw the sale.