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RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Posted: Mon Aug 03, 2020 9:48 am
by Tank55
The XFL has been sold to a group that includes former WWE star Dwayne “The Rock’’ Johnson, giving the bankrupt football league the kind of star power that may draw even non-sports fans.

Johnson, an actor and producer who played college football at the University of Miami, teamed up with Gerry Cardinale’s RedBird Capital to buy the league just hours before a planned auction was scheduled to begin.

They paid $15 million, splitting it evenly. Johnson’s business partner, Dany Garcia, who is also his ex-wife, will be a stakeholder as well.
https://www.sportico.com/2020/personali ... 234610422/

Confirmed by the godfather:
Sources confirm as first reported by @soshnick

A group including @TheRock and RedBird Capital has acquired the #XFL out of bankruptcy for $15M
https://twitter.com/MMFBWriter/status/1 ... 7087378434

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 10:07 am
by GregParks
I didn't know you could buy something before a bankruptcy auction. So I learned something today.

Honestly, my head is kinda spinning at this news. We do need to note, this is pending the bankruptcy court's approval on 8/7. So as with anything XFL related as we've learned over the years, best not to let the cart before the horse.

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 10:38 am
by Firecop
Is it me or does 15M seem really cheap? Go Dragobs!

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 10:47 am
by GregParks
Firecop wrote:
Mon Aug 03, 2020 10:38 am
Is it me or does 15M seem really cheap? Go Dragobs!
As I noted on Twitter, the real $$ spent is going to come from operations costs. We know how much Vince had earmarked to run the league, so I couldn't imagine someone paying top dollar for the assets and THEN having to put hundreds of millions into operation as well.

EDIT: And as Daniel Kaplan just noted on Twitter, it also includes the assumption of liabilities (presumably the coaches contracts that had not been paid in full) of up to $8.5 million. So add that to the $15 million price tag.

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 11:17 am
by Tank55
Great sign: the XFL on FOX twitter account is pushing the news.

https://twitter.com/XFLonFOX/status/1290304544954605568

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 11:33 am
by GregParks
GregParks wrote:
Mon Aug 03, 2020 10:07 am
I didn't know you could buy something before a bankruptcy auction. So I learned something today.
Turns out this happened because The Rock’s was the only bid.

Re: RedBird Capital and the Rock to buy XFL for $15M

Posted: Mon Aug 03, 2020 11:36 am
by laxtreme56
Not terribly surprising. Even with all the "interested parties" few were going to seriously consider buying it. This is good news, but in reality we are starting back at square one again. New players, coaches, teams, stadiums, and the all important television contract. I'm thinking we'll see TV coverage akin to the mid 2000's AFL. 1 or 2 games on national TV, with the rest on a combination of regional sports nets and streaming devices. Expect a more modest XFL when it returns in 2021/22.

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 11:57 am
by Tank55
GregParks wrote:
Mon Aug 03, 2020 11:33 am
Turns out this happened because The Rock’s was the only bid.
Does that mean if the Rock's group hadn't put in a qualified bid, no one was going to buy it? Or if there hadn't been a qualified bid, it would have gone to the auction and the 20 or whatever bidders would/could have bid live?

Re: Sportico: RedBird Capital and the Rock buy XFL for $15M

Posted: Mon Aug 03, 2020 12:18 pm
by nick1091
Tank55 wrote:
Mon Aug 03, 2020 11:57 am
GregParks wrote:
Mon Aug 03, 2020 11:33 am
Turns out this happened because The Rock’s was the only bid.
Does that mean if the Rock's group hadn't put in a qualified bid, no one was going to buy it? Or if there hadn't been a qualified bid, it would have gone to the auction and the 20 or whatever bidders would/could have bid live?
From what I've gleaned from bankruptcies, likely the latter. Depending on how low the numbers got, it's also possible they could've broken it out and attempted to auction/sell it off piecemeal; football equipment, intellectual property, video library, etc.

I didn't expect this but I'm optimistic. The Rock by all accounts seems like a good dude with a great reputation and a huge fanbase. He's got active relationships with relevant brands like Under Armour and NBC as well which certainly can't hurt.

Re: RedBird Capital and the Rock to buy XFL for $15M

Posted: Mon Aug 03, 2020 12:30 pm
by Metallifreak10
This is good news. Don’t know what to expect exactly. Hopefully, mostly everything stays the same. For 2021, I’d assume it to be a “soft” relaunch. A made for tv season. Hopefully, a small amount of fans would be allowed in to still give it more of a real feel.

I’m excited, but the only thing that worries me is that a soft relaunch may hurt the league’s overall viability for 2022. But, I can’t imagine too much money being poured into the 2021 season(if there is one) with everything going on. It’s a catch 22. If you find that sweet middle ground, I think the Rock and his group will strike gold.