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September 21, 2020

 

Dwayne "The Rock" Johnson buys XFL for $15 million.

Aug 04, 2020

Dwayne "The Rock" Johnson is teaming up with his ex-wife and a top sports management company to buy the bankrupt XFL football league for $15 million.

Johnson -- a former WWE wrestling star who has since become one of Hollywood's most bankable action heroes -- and the partners are purchasing the assets of the XFL from Alpha Entertainment, a private company founded by WWE chairman and CEO Vince McMahon.

Alpha filed for bankruptcy in April after ending the XFL season early because of the Covid-19 pandemic.

Johnson's decision to take part in a group to buy the XFL was "rooted deeply in two things -  passion for the game and desire to always take care of the fans," according to a statement.

He added that he looks forward to "creating something special for the players, fans, and everyone involved for the love of football."

A bankruptcy court still needs to approve the deal at a hearing on August 7. If that happens, the purchase should be completed by the end of the month.

Johnson is partnering with Dany Garcia, a film and movie producer who was married to Johnson for more than 10 years before they divorced in 2007, as well as RedBird Capital, a company founded by former Goldman Sachs partner Gerry Cardinale.
 
Garcia and Johnson co-founded Seven Bucks Productions and she is listed as a producer of several of Johnson's top hits, including "Jumanji: Welcome to the Jungle and the Jumanji" sequel "The Next Level;" "Rampage," "Fast & Furious Presents: Hobbs and Shaw" and the HBO sports comedy "Ballers." (HBO, like CNN, is owned by AT&T's WarnerMedia unit.)

 

Source: BBC

Last modified on Tuesday, 04 August 2020 10:41
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