Dwayne “The Rock” Johnson bought a stake in the XFL. The actor and his business partner, Dany Garcia, have joined Gerry Cardinale and RedBird Capital Partners to acquire the parent company of the bankrupt professional football league for around $ 15 million.
Alpha Entertainment, which owns the eight-team league, filed for Chapter 11 protection in April, earlier this year, after the coronavirus pandemic forced it to shut down after just five weeks of play. The purchase came through while Alpha was due to be auctioned on Monday.
In a press release announcing the purchase, Johnson cited his “passion for the game,” adding that he looks forward to “creating something special for players, fans and everyone involved for the sake of love. soccer”.
What will happen next for the league is not immediately clear given that the XFL laid off employees after suspending operations. The XFL was previously owned by Vince McMahon, who founded WWE Network.
Prior to entering filmmaking, Johnson, 48, played football at the University of Miami and was a professional wrestler for eight years.
The deal, submitted for approval to a Delaware bankruptcy court later this week, is expected to be finalized this month, according to RedBird Capital.
“This is a Hollywood ending to our sales process, and it’s an exciting new chapter for the league,” Jeffrey Pollack, XFL president and chief operating officer, said in a statement.