After filing for bankruptcy, the XFL has found new owners in Dwayne "The Rock" Johnson, Dany Garcia and Gerry Cardinale's RedBird Capital, who have agreed to purchase the Vince McMahon-founded football league for $15 million.
"The transaction is subject to bankruptcy court approval at a hearing this Friday, August 7 and, assuming that closing conditions are satisfied, is expected to close on or shortly after August 21," the XFL and its parent company Alpha Entertainment said in a statement.
"The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that’s rooted deeply in two things - my passion for the game and my desire to always take care of the fans," Johnson said. "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."
The XFL is an eight-team spring football league founded by WWE's Vince McMahon. The original incarnation, which had its only season in 2001, was a more aggressive form of football than that of the NFL. The revived league, however, nixed the professional wrestling-inspired gimmicks and instead served as a more streamlined version of the sport.
When the XFL canceled the remainder of its 2020 season in March after five weeks of play, the league said, "all players will be paid their base pay and benefits for the 2020 regular season." Notably, it also promised that "The XFL is committed to playing a full season in 2021 and future years." However, the league filed for bankruptcy just one month later, days after suspending operations.
(via THR)