Dwayne "The Rock" Johnson now a co-owner of bankrupt XFL
Dwayne "The Rock" Johnson has bought a stake in the XFL. The actor and his business partner, Dany Garcia, joined Gerry Cardinale and RedBird Capital Partners to acquire the bankrupt professional football league's parent company for about $15 million.
Alpha Entertainment, which owns the eight-team league, filed for Chapter 11 protection in April, earlier this year, after the coronavirus pandemic forced it to shut down after only five weeks of play. The purchase came as Alpha was slated to be up for auction Monday.
In a news release announcing the purchase, Johnson cited his "passion for the game," adding that he looks forward "to creating something special for the players, fans and everyone involved for the love of football."
What happens next for the league isn't immediately clear given that the XFL 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, 48, played football at the University of Miami and 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.
"This is a Hollywood ending to our sale process, and it is an exciting new chapter for the league," Jeffrey Pollack, the XFL's president and chief operating officer, said in a statement.