Dwayne The Rock Johnson has announced an agreement to buy XFL, an American Football League set up by WWE Owner Vince McMahon in 2018, alongside his wife Dany Garcia and RedBird Capital Partners, the private equity firm founded by Gerry Cardinale.
The deal sees the group take control of the assets of Alpha Entertainmant LLC, the parent company of XFL set up by McMahon, for around $15 million (£11.5 million). The company filed for bankruptcy in April.
“The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that’s rooted deeply in two things - my passion for the game and my desire to always take care of the fans,” said Johnson.
“With pride and gratitude for all that I’ve 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.”
Gerry Cardinale, Founder and Managing Partner, RedBird Capital Partners, added: “It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL.
“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.”
The news comes after RedBird Capital Partners agreed a deal which will see it move into European football, purchasing a majority stake in French side Toulouse - who were relegated to Ligue 2 after the French football season was curtailed in April due to the coronavirus pandemic.