The group buys the football league from WWE chairman Vince McMahon.
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Dwayne Johnson and Dany Garcia strike again: The power duo (and Entrepreneur's cover stars) partner with RedBird Capital Partners to buy the XFL for $ 15 million.
See also: Dwayne Johnson and Dany Garcia's business strategy: rethink everything!
The XFL, founded in 2018 by WWE chairman and CEO Vince McMahon, started its opening season in February before shutting down due to the global health crisis. The league filed for bankruptcy protection in April and was preparing for the auction before Johnson, Garcia and RedBirds Gerry Cardinale, a former Goldman partner, announced the deal on Monday. The deal will be submitted to the bankruptcy judge for approval on August 7 and is expected to close on or before August 21.
With my pioneering partner @DanyGarciaCo & Red Bird Capital, we acquired XFL.
With gratitude and passion, I have built a career with my own two hands and will apply these callouses to our @ xfl2020 brand.
Excited to create something special for the fans! #XFL #fullcircle pic.twitter.com/LprJ6HjglD
– Dwayne Johnson (@TheRock), August 3, 2020
"Taking over the XFL with my talented partners Dany Garcia and Gerry Cardinale is an investment for me that is deeply rooted in two things – my passion for the game and my desire to always take care of the fans," Johnson said in a statement. "With pride and gratitude for everything that I have 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. ""
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