Dwayne “The Rock” Johnson buys XFL for $15 Million with Redbird Capital as partner

| American Football | 08/03/2020

Dwayne “The Rock” Johnson, partnered with ex-wife Dany Garcia and Gerry Cardinale’s RedBird Capital, have been selected as the winning bidder for virtually all of the assets of Alpha Entertainment LLC, the parent company of the XFL.

The Garcia, Johnson and RedBird group’s bid was approximately $15 million, in accordance with the terms and conditions of the asset purchase agreement. The transaction is subject to bankruptcy court approval at a hearing this Friday, August 7 and, assuming that closing conditions are satisfied, is expected to close on or shortly after August 21. The sale auction previously scheduled for today will not occur.

Through this acquisition, the group secures the ability to option live entertainment intellectual property for further expansion across sports, live events and original entertainment programming. You can also be sure the gaming industry is please, including companies that offer free bets.

Garcia and Johnson are co-founders of Seven Bucks Companies, a multi-platform enterprise pioneering original content for television, film, emerging technologies and digital networks, and have been behind some of the most successful platforms in global entertainment.  Through their joint enterprise, Garcia and Johnson’s work spans all entertainment and creative verticals involving investments, brand integrations, philanthropic endeavors, marketing, and film and television projects that are rooted in authenticity, passion and strong storytelling with a mission of promoting equality and inclusion.

Dwayne “The Rock” Johnson:

“The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that’s rooted deeply in two things – my passion for the game and my desire to always take care of the fans. With pride and gratitude for all that I’ve built with my own two hands, I plan to apply these callouses to the XFL, and look forward to creating something special for the players, fans, and everyone involved for the love of football.”

Dany Garcia:

“For Dwayne, Gerry and myself, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility. Sports and entertainment are the foundations of the businesses I have built. Melding our expertise combined with our commitment  to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love.”

Over the last twenty years, Gerry Cardinale, Founder and Managing Partner of RedBird Capital Partners has been responsible for the creation of several multi-billion dollar sports and entertainment companies in partnership with some of the most iconic rights holders in the world, including the YES Network with the New York Yankees; Legends Hospitality with the Yankees and Dallas Cowboys; On Location Experiences with the National Football League (NFL); and OneTeam Partners with the Players’ Associations of the NFL, Major League Baseball, Major League Soccer, United States Women’s National Soccer Team and Women’s National Basketball Association. 

“It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL. Their track record in building dynamic businesses speaks for itself, and their vision and passion for developing the XFL as a world class sports and entertainment property will enable a new future for this organization.  As their partner in acquiring and relaunching the XFL, RedBird will bring its own track record and experience in building world class companies in sports and live entertainment to help realize their vision.”

And hand in hand with new American football leagues comes new gaming and betting possibilities.

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