Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M
Posted: Tue Aug 04, 2020 12:02 pm
I wonder if plans for a 2021 bubble change if all of College Football is canceled in the fall.
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Probably has everything to do with Dwayne Johnson's star power and relationship with Vince McMahon.GregParks wrote: ↑Tue Aug 04, 2020 1:46 pm And here's the Athletic's write-up:
https://theathletic.com/1972080/2020/08 ... y-the-xfl/ (subscription required)
Key takeaways for me:
-There was actually a second bid on Friday but only Johnson/Garcia's "passed muster" (whatever that means)
-Garcia noted the capital they were willing to put in to the XFL is "substantial," but did not quote a dollar figure
-Garcia, who like the ESPN interview spoke for the group, declined to commit to the league returning for sure in 2021
-She likes the eight-team structure and would like to expand in the future, but they're going to assess the current locations of the teams
-Pollack and his management team will be kept
-Pollack said the TV deals with ESPN and FOX being part of the bankruptcy process remain unresolved. (I would've thought that would have to get resolved before the bids were due, because it would matter significantly to the price people would be willing to pay for the league)
I took it as something being wrong with the other bid. I don't think legally they can just favor The Rock for his star power/relationship with Vince if there's another good bid.GDAWG wrote: ↑Tue Aug 04, 2020 1:47 pmProbably has everything to do with Dwayne Johnson's star power and relationship with Vince McMahon.GregParks wrote: ↑Tue Aug 04, 2020 1:46 pm And here's the Athletic's write-up:
https://theathletic.com/1972080/2020/08 ... y-the-xfl/ (subscription required)
Key takeaways for me:
-There was actually a second bid on Friday but only Johnson/Garcia's "passed muster" (whatever that means)
-Garcia noted the capital they were willing to put in to the XFL is "substantial," but did not quote a dollar figure
-Garcia, who like the ESPN interview spoke for the group, declined to commit to the league returning for sure in 2021
-She likes the eight-team structure and would like to expand in the future, but they're going to assess the current locations of the teams
-Pollack and his management team will be kept
-Pollack said the TV deals with ESPN and FOX being part of the bankruptcy process remain unresolved. (I would've thought that would have to get resolved before the bids were due, because it would matter significantly to the price people would be willing to pay for the league)
His star power indicates he's financially stable. Too often secondary leagues will just allow anyone in who has money without looking at their finances. What this indicates to me is that the XFL is taking the approach we see from the NFL, MLB, NHL, MLS and NBA in that they vet any prospective owners: checking their financial backgrounds. It's one of the reasons the indoor leagues have so many problems, they don't vet prospective owners and they just let anyone in who has enough money to buy a team. The other bid may have more money and made a higher bid than Johnson's group, but that doesn't mean that group is financially stable.GregParks wrote: ↑Tue Aug 04, 2020 1:53 pmI took it as something being wrong with the other bid. I don't think legally they can just favor The Rock for his star power/relationship with Vince if there's another good bid.GDAWG wrote: ↑Tue Aug 04, 2020 1:47 pmProbably has everything to do with Dwayne Johnson's star power and relationship with Vince McMahon.GregParks wrote: ↑Tue Aug 04, 2020 1:46 pm And here's the Athletic's write-up:
https://theathletic.com/1972080/2020/08 ... y-the-xfl/ (subscription required)
Key takeaways for me:
-There was actually a second bid on Friday but only Johnson/Garcia's "passed muster" (whatever that means)
-Garcia noted the capital they were willing to put in to the XFL is "substantial," but did not quote a dollar figure
-Garcia, who like the ESPN interview spoke for the group, declined to commit to the league returning for sure in 2021
-She likes the eight-team structure and would like to expand in the future, but they're going to assess the current locations of the teams
-Pollack and his management team will be kept
-Pollack said the TV deals with ESPN and FOX being part of the bankruptcy process remain unresolved. (I would've thought that would have to get resolved before the bids were due, because it would matter significantly to the price people would be willing to pay for the league)
Indeed. It wouldn't surprise me if someone tried to submit a $1 bid just for the sake of saying they bid on the XFL. Or it could be a Pete Hulthwaite-type bid from someone who bid in good faith but clearly didn't have the resources or connections to keep the momentum of the XFL going.