Dwayne Johnson aka The Rock has happily invested a whooping 15 million dollars in a bankrupt company. He bought a stake in the XFL. The actor and his business partner, Dany Garcia, joined Gerry Cardinale and RedBird Capital Partners acquired the bankrupt professional football league’s parent company.
The Eight Team league
Alpha Entertainment owns the eight-team league. It filed for Chapter 11 protection earlier this year. After the corona virus pandemic forced it to shut down after just 5 weeks of play. The purchase came as Alpha was slated to be up for auction Monday.
Johnson says, his “passion for the game,” is the reason for the deal. He adds looking forward “to creating something special for the players, fans and everyone for the love of football.” What happens next for the league isn’t immediately clear. XFL has laid off its workers after suspending operations. The XFL was previously owned by Vince McMahon, who founded WWE Network
Before launching a career in film, Johnson played football at the University of Miami. He also was a professional wrestler for eight years. The deal, subject to approval from a Delaware bankruptcy court later this week, is expected to be finalized this month, according to RedBird Capital.
Jeffrey Pollack, the XFL’s president and chief operating officer gave a statement. He said, “This is a Hollywood ending to our sale process, and it is an exciting new chapter for the league.”