August 10, 2020 Observer: The Rock & Dany Garcia buy XFL, new WWE president, more
Dwayne Johnson, along with former wife and current business partner Dany Garcia of Seven Bucks Entertainment, and RedBird Capital’s Gerry Cardinale, were the only bidder and look to be acquiring the XFL for $15 million in bankruptcy court.
The sale may be held up by lawyers for clients who are owed money from Alpha Entertainment, which went into bankruptcy with tens of millions of dollars in unpaid bills.
The price tag doesn’t come close to covering the league’s outstanding debts at the time it filed for bankruptcy. In addition, with Vince McMahon loaning money instead of funding at the end and declaring himself a secured debtor (meaning he gets paid as precedence over unsecured debtors), that leaves even less money for all the companies owed money after the league closed up at the start of the pandemic.
The three were said to be equal partners, all putting up $5 million for 33.3 percent ownership.
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Dave Meltzer is the founder and lead writer on the Wrestling Observer Newsletter, the weekly constant when it comes to news and reviews in pro wrestling and mixed martial arts for more than 40 years. Dave also co-hosts Wrestling Observer Radio with Bryan Alvarez and had had bylines for The National, Yahoo Sports, MMA Fighting and others.