The XFL, the spring football league started by Vince McMahon earlier this year, has a new owner.
The parent company of the league, Alpha Entertainment LLC., filed for Chapter 11 bankruptcy in April after the league shut down as a result of COVID-19.
But on Monday, a new ownership group led by actor and former professional wrestler Dwayne “The Rock” Johnson, along with the ownership group Redbird Capital Partners, purchased the parent company for $15 million, the group announced on Monday.
According to the ownership group’s release, the deal must still be approved by a bankruptcy court in Delaware and is expected to be finalized by Aug. 21.
The league, which had two former Gators players — safety Matt Elam and running back Matt Jones — on opening day rosters, laid off all of its employees when it suspended operations, and it is yet to be determined how Johnson and the new ownership group will approach the league’s revival.
This announcement provides hope for a successful alternative football league to the NFL. The XFL’s predecessor, the Alliance of American Football, struggled to draw attendance and failed during its inaugural season in controversial fashion.
The XFL, on the other hand, was drawing larger crowds than the AAF and was more profitable as a result of television contracts with ESPN and Fox Sports. According to the league’s bankruptcy filing, it made $14 million in revenue before canceling the season with a projected $27 million lost due to the cancelation.
Now, there may be a light at the end of the tunnel for a budding league that was largely a victim of circumstance.
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