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

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nick1091
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by nick1091 » Wed Aug 05, 2020 2:46 pm

GregParks wrote:
Wed Aug 05, 2020 11:35 am
Winston Moss is the second head coach that I'm aware of (after June Jones) to publicly say they'd be interested in returning as coach to the XFL:

https://profootballtalk.nbcsports.com/2 ... -with-xfl/
I don't know enough about bankruptcies (or at least this bankruptcy), but couldn't the new group assuming the prior debt including picking up the coach contracts where they left off, if they wanted to keep the terms verbatim and not renegotiate?

I'd assume it's different for things like the stadium leases and TV deals, since I'm guessing Alpha technically breached those original terms when they stopped putting on games, but it sounded like both players and coaches got paid their full contracted amount for the shortened season.

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

Post by MGB01 » Wed Aug 05, 2020 2:50 pm

If LA isn't cutting it bump him over to Seattle.

One of the most underappreciated Hawks of all-time--though he was only there for three years and was part of Dennis Erickson's final staff in 1998. Hell they were 14-34 and LA-bound before he got there, they've had seven losing seasons (of 25) since. Granted having two coaching icons might have something to do with that, but it's something. Gotta recognize the foundation.

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

Post by GregParks » Wed Aug 05, 2020 3:21 pm

nick1091 wrote:
Wed Aug 05, 2020 2:46 pm
GregParks wrote:
Wed Aug 05, 2020 11:35 am
Winston Moss is the second head coach that I'm aware of (after June Jones) to publicly say they'd be interested in returning as coach to the XFL:

https://profootballtalk.nbcsports.com/2 ... -with-xfl/
I don't know enough about bankruptcies (or at least this bankruptcy), but couldn't the new group assuming the prior debt including picking up the coach contracts where they left off, if they wanted to keep the terms verbatim and not renegotiate?
I think it was a story in the Athletic that noted coach contracts were NOT going to be a part of the purchase. And some of the debt being transferred over to the new owners include money owed to some coaches, so not all have been paid in full (and I think a story even said some of the players were still owed money, but it was the first and only thing I'd read about that).

Couple other links to check out:

-Sportico, who broke the news of the sale to Johnson/Garcia, has some info on former XFL employees who would welcome a second shot with the league:
https://www.sportico.com/2020/personali ... 234610562/

-SI has an interview with Dany Garcia. She seems to be saying a lot of the right things in these interviews, and is coming at this from being a fan of the league. Not a lot groundbreaking in this one except to say the first thing she says when asked what's ahead for the league is "expansion.":
https://www.si.com/xfl/2020/08/05/xfl-d ... -interview
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by MGB01 » Wed Aug 05, 2020 3:29 pm

nick1091 wrote:
Wed Aug 05, 2020 2:46 pm
GregParks wrote:
Wed Aug 05, 2020 11:35 am
Winston Moss is the second head coach that I'm aware of (after June Jones) to publicly say they'd be interested in returning as coach to the XFL:

https://profootballtalk.nbcsports.com/2 ... -with-xfl/
I don't know enough about bankruptcies (or at least this bankruptcy), but couldn't the new group assuming the prior debt including picking up the coach contracts where they left off, if they wanted to keep the terms verbatim and not renegotiate?

I'd assume it's different for things like the stadium leases and TV deals, since I'm guessing Alpha technically breached those original terms when they stopped putting on games, but it sounded like both players and coaches got paid their full contracted amount for the shortened season.
Well remember back to WCW (and keep in mind the WWF didn't buy the company merely the assets, the company quietly lapsed under the TW umbrella three years ago as Universal Wrestling Corporation), they were so deep in debt and had lost tremendous sums in 1999-2000 that it scared Warburg Pincus off, and once that happened it was done.

Obviously the same hasn't happened here, you don't spend 15 mil to assume an 80 mil debt no matter how far the McMahon/Anoa'i relationship goes back (at least to the 60s) if you're an aspiring businessman. The losses I'm guessing are plenty, but not unreasonable for a restart and this group will undoubtedly grow here in future years with their connections.

Obviously no AAF or USFL (I know all the media is gung-ho that it was this raging all-guns-blazing success before he showed up, but.........not quite) here, which is good, or else the league would be dead again, with no second comeback coming

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

Post by Tank55 » Wed Aug 05, 2020 5:02 pm

Garcia is going to be a message board's dream:
What does the future hold for the XFL?

Expansion. Expansion and more storytelling. Storytelling that lives in a 365-day way, we’re talking 24/7. Those five weeks that the league had made an impact. Engagement was incredible on social media. The TV ratings spiked and then they settled where they should have and then they were really starting to get entrenched and they had wonderful attendance. That engagement is an opportunity for that to happen all year round even though that live aspect will be in a specific period of time. I think that’s an incredible thing. I think it would be an incredible thing to see even more teams added. There’s a lot out there.
https://www.si.com/xfl/2020/08/05/xfl-d ... -interview
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by GregParks » Thu Aug 06, 2020 8:24 pm

Per Daniel Kaplan on Twitter:

"The XFL's unsecured creditors' committee objection to the sale of the league has been resolved, according to a filing of the agenda for tomorrow's bankruptcy hearing on the sale"
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by GregParks » Fri Aug 07, 2020 10:39 am

The bankruptcy court officially approved the XFL’s sale to Rock/Garcia today.
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by Firecop » Fri Aug 07, 2020 10:46 am

Thanks for the great news and update Greg!
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by GregParks » Fri Aug 07, 2020 2:19 pm

New from Daniel Kaplan at The Athletic:

https://theathletic.com/1981719/2020/08 ... -unlikely/ (subscription required)

Key takeaways:
-Citing "a source close to the new group," Kaplan said it's unlikely the Fox Sports and ESPN contracts carry over. Per the source: “Media discussions are already starting up informally and will start to ramp up over the next few weeks.”
-The source also doubted the league will start back up in 2021, but left open the possibility of it.
-Apparently FOX is in talks with the XFL to have their contract carry over. ESPN's objection to its contract carrying over has been "adjourned to a date to be determined," according to court documents.
-From the article:
"'These guys won’t move a muscle until they have a lucrative media rights deal,' one former XFL insider wrote of the new owners’ plans. This source said Fox Sports had already rebuffed a new proposal.

"But the source close to Acquico [the new ownership group] rejected that assertion, noting media talks were just getting heated up. Fox Sports did not immediately reply for comment."
-Unsecured creditors continue to file claims, including St. Louis Visitors and Convention Commission ($1 million), June Jones ($540,000), and Jonathan Hayes ($633,333.33) just within the last few days.

The new buyers would be saving a lot of money if they waited until 2022 to restart. But if they can get a good media deal, and quick, I think they'd be willing to speed things up and try for 2021. I just don't know how likely that is.
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Re: RedBird Capital, Dany Garcia, and The Rock to buy XFL for $15M

Post by GDAWG » Fri Aug 07, 2020 2:57 pm

If the new ownership believes that a bubble is possible for 2021, then by all means do it. Otherwise, wait until 2022.

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