Dwanye “The Rock” Johnson has teamed up with RedBird Capital and Dany Garcia to purchase the XFL. The deal comes mere hours before the XLF was set to go to a bankruptcy auction.
"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," said Dwayne Johnson in a statement.
Johnson, Garcia and RedBird Capital are paying $15 million for the football league.
“This is a Hollywood ending to our sale process and a start of fantastic new beginning for the XFL with the best possible ownership group going forward," said XFL president Jeffery Pollack to Sports Business Journal.
“The Rock” is worth an estimated $300 million.
The XFL was first launched in 2001. It filed for bankruptcy in April, listing between $10 million to $50 million in debts.
According to the XFL's statement at the time, "Unfortunately, as a new enterprise, we were not insulated from the harsh economic impacts and uncertainties caused by the COVID-19 crisis.”
The global pandemic forced the league to officially cancel its eight game regular season in March shortly after its fifth game of the year.
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus Update: Eli Lilly Starts Late-Stage Trial for Antibody Drug in Nursing Homes
- Apple Needs to Show Lifetime Value of iPhone User, Cramer Says
- Who Has the Power to Delay the Presidential Election?
- What Apple's 4-For-1 Stock Split Means for Investors
- Coca-Cola Enters the Alcoholic Beverage Market With Topo Chico Hard Seltzer
- Movies You Won't Be Seeing in 2020