Shortly after suspending activities on April 10 due to the COVID-19 pandemic, the eight-team XFL football league filed for bankruptcy. The XFL and its parent company, Alpha Entertainment, were expected to hold an auction on Monday to sell their properties. But before that, itself a deal reached the buyers’ consortium, including the prominent alum and movie star World Wrestling Entertainment.
The league, WWE chairman Vince McMahon’s brainchild, was in its second iteration, and teams had only played a few games before the competition got shut down, leaving players and coaches out of work.
In its first incarnation in 2001, the XFL lasted for one season before McMahon spent $200 m in restarting it this year. However, it couldn’t survive when Covid-19 shut down professional sports earlier this year. The pandemic has been the reason for loos and destruction for almost everyone and everything. This league is also one of them. The association in its first week attracted an audience of 3 million, but ratings dropped afterward.
Dwayne Johnson and the Gerry Cardinale of RedBird Capital charged $7.5 million each to join the league. Business manager for Dwayne Johnson and ex-wife Dany Garcia will also be a stakeholder.
Now, it seems like XFL is going to get a third term. Yet another rebrand in hopes someone has the key to researching the NFL. Only one season, the American Football Alliance collapsed too.
Dwayne Johnson and Garcia have the requisite experience to manage a sports league one would imagine. The two co-founded Seven Bucks Companies, a TV, film, new technologies, and digital network producer of original content. Also, Dwayne Johnson said he’ll be combining his love for the football game as a co-owner with his willingness to take care of his fans.
Johnson is no stranger to soccer. Between the years 1990 and 1994, he played for the University of Miami.In addition to playing briefly in the Canadian Football League. After finishing his football career, he gained worldwide success as a professional wrestler.
Johnson, 48, played college football at the University of Miami before embarking on his career as an actor and spent eight years as a professional wrestler. The XFL was previously the property of Vince McMahon, the founder of World Wrestling Entertainment.
Remarks from chairman
XFL Chairman Jeffrey Pollack called Johnson and his partners “A dream team management group, and the XFL is moving forward in the best possible hands.” He added that the XFL narrative had “An ending in Hollywood.”And he is so happy for this good Hollywood ending of XFL league.
The new ownership group did not know when to restart the league. But ESPN speculated that the XFL could begin as early as next year in an isolation bubble. Almost close to that of the NBA.
If Dwayne Johnson and his partners decide to revitalize the XFL for football, they will most likely need to start until the coronavirus pandemic is under control. Many XFL stars have signed up for NFL games. So, expect it to return after COVID-19.