Report: "The Rock", RedBird Capital Purchase XFL
According to a report on Sportico.com, Dwayne "The Rock" Johnson and venture capital group RedBird Capital have purchased the XFL hours before the league was set to go to auction.
Johnson is a former WWE star and former football player at the University of Miami, but he's built a wildly successful career and is one of the most recognizable celebrities in the United States. Johnson's involvement in the sale gives the league star-power that now may draw in non-sports fans.
Sportico is reporting that Johnson and Gerry Cardinale of RedBird Capital spent $15 million (splitting it evenly) to buy the league. RedBird Capital has several close ties to the NFL and its players.
Johnson's involvement keeps professional wrestling tied closely to the league, which filed for bankruptcy in April after the CoVID-19 pandemic forced a cancellation of the season after just a handful of weeks. The league debuted immediately after Super Bowl LIV in February. The XFL was founded (and funded) by WWE Chairman and Chief Executive Officer Vince McMahon.
Johnson is a recognizable figure that gives the purchase a legitimate chance, but he also has legitimate experience in the industry. Johnson is the executive producer of "The Titan Games", a sports competition reality TV series on NBC.
Alpha Entertainment, the XFL's parent company, said the league was worth between $10 million and $50 million when they filed for bankruptcy in April.
The XFL drew more than 3 million viewers in its first week, but viewership steadily declined in the four weeks thereafter. The league had media deals with ABC/ESPN and FOX/FS1.