Pending court approval, the XFL could be back on the field with new league owners in the near future.
The XFL filed for bankruptcy in April after the 2020 reboot was brought to a halt just five games into the scheduled ten-game season due to the Coronavirus pandemic. Vince McMahon initially sold more than $379 million worth of WWE stock to fund the XFL reboot through his company Alpha Entertainment. Those funds were supposed to float the XFL for at least three years, but new reports state that the losses were higher than anticipated and that McMahon didn’t think he could get a lucrative TV deal after the reboot was halted.
Now that the league is in bankruptcy, Dwayne “the Rock” Johnson, Dany Garcia (ex-wife of Dwayne Johnson), and Red Bird Capital are teaming up to purchase the XFL at a staggering $15 million. Before the sale is finalized, it will have to be approved by the bankruptcy court. If the transaction is approved, the three investors could take over ownership by the end of August. However, it seems like the trio is already expecting permission to buy the league.
With my trail blazing partner @DanyGarciaCo & Red Bird Capital, we have acquired the XFL.
With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to our @xfl2020 brand.
Excited to create something special for the fans! #XFL #fullcircle pic.twitter.com/LprJ6HjglD
— Dwayne Johnson (@TheRock) August 3, 2020
Dwayne Johnson rose to fame in the early 2000s as a WWF (later known as WWE) wrestler. His WWF persona “The Rock” has stuck with him and followed him throughout his entertainment adventures. Today, Dwayne Johnson is known more for his acting roles than his old days in the ring; however, he still embraces his past love of the sport.
Dwayne Johnson also played football throughout high school and college. In college, he played for the Miami Hurricanes and won a National Championship with the team in 1991. Despite a good college career playing defensive tackle, Johnson went undrafted in 1995. After news broke that Johnson is acquiring about the XFL, he released a statement that said he wants to buy the league because of his love for the game and desire to take care of the fans. He also added that he wants to create something special for the players and everyone involved in the sport.
When the XFL reboot was first announced, sports bettors were excited for the new “offseason” league and the betting opportunities that were being embraced by the XFL. The XFL reboot was launched after the repeal of the Professional and Amateur Sports Protection Act (PASPA) that barred states from accepting bets on sports in the USA. The repeal opened up betting states across the USA, pending state legislation to allow sports wagering.
Betting on the XFL started slow because the league was new, however by week five, betting lines were available at most domestic and online sportsbooks. Most bettors took advantage of the game line odds and future betting categories.
The bankruptcy court is scheduled to review the sale of the XFL on August 7th, 2020. Pending the ruling, the XFL could have new owners, but that doesn’t necessarily mean that the league will begin play in 2021.
We smell what’s cookin. #XFL
— XFL (@realXFLfootball) August 3, 2020