A new multimillion-dollar sports deal is “cooking” for Dwayne “The Rock” Johnson, according to an announcement Monday.
Johnson, business partner Dany Garcia and RedBird Capital Partners have been named the winning bidders to own the assets of Alpha Entertainment LLC, the parent company of the XFL. The deal is still in the works, but the “Jumanji” actor and his partners would purchase the American professional football league for $15 million, according to a news release.
Alpha filed for bankruptcy in April after the COVID-19 pandemic hit, so the deal is still pending bankruptcy court approval. The hearing to approve the deal is scheduled for Friday, and if all closing conditions are met, the deal is expected to close by Aug. 21.
Credit: filtersofly/Pixabay
Credit: filtersofly/Pixabay
Garcia is the ex-wife of Johnson, who lives part time in metro Atlanta. She said in a statement the acquisition is significant to her and Johnson due to football being a “great passion, tradition and possibility” for them.
“Sports and entertainment are the foundations of the businesses I have built,” she said. “Melding our expertise combined with our commitment to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love.”
It’s unclear how the investors plan to revive the league, which features eight teams, including the Dallas Renegades and the St. Louis BattleHawks. The XFL laid off its employees after suspending operations in early April. The league was established in 2018 and began play in 2020. The teams are currently split up in East and West divisions, with cities including Houston; Carson, California; St. Louis; Tampa, Florida; and Seattle taking part.
Garcia and Johnson are co-founders of Seven Bucks Productions, a multiplatform enterprise pioneering original content for television, film, emerging technologies and digital networks. They have been behind some of the most successful platforms in global entertainment. Through their joint enterprise, Garcia and Johnson’s work spans to philanthropic endeavors, marketing, and film and television projects.
“It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL,” said Gerry Cardinale, founder and managing partner of RedBird Capital Partners. “Their track record in building dynamic businesses speaks for itself, and their vision and passion for developing the XFL as a world class sports and entertainment property will enable a new future for this organization. As their partner in acquiring and relaunching the XFL, RedBird will bring its own track record and experience in building world class companies in sports and live entertainment to help realize their vision.”
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