Dwayne 'The Rock' Johnson Teams Up with Investor Group to Buy the XFL for $15 Million

According to a report from ESPN, the XFL declared Chapter 11 bankruptcy back in April and has been seeking a buyer for the past few months.

In a statement obtained by the outlet, XFL president Jeffrey Pollack called the sale "a Hollywood ending" and added that Johnson's investors are "a dream team ownership group and the XFL is in the best possible hands going forward."

The XFL was originally scheduled to go to a bankruptcy auction, but the acquisition by RedBird, Johnson and Garcia has canceled the proceedings, per The Hollywood Reporter.

"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 companies said in a statement.

Johnson and Garcia have big plans for the XFL, which originally marketed itself as a much faster version of the NFL.

In announcing the deal, the new owners said they have secured "the ability to option live entertainment intellectual property for further expansion across sports, live events and original entertainment programming," according to Deadline.

Garcia said that the partners plan on "developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love."

She added, "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."

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