XFL has promising, profitable future: Former NFL player-turned investment banker
Park Lane founder and managing director Andrew Kline weighs in on the XFL, which just debuted to promising ratings.
The XFL is smelling what The Rock is cooking.
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Dwayne “The Rock” Johnson, the former WWE star-turned-movie giant, partnered with RedBird Capital to buy the league at the 11th hour, Sportico reported Monday. The league was nearly set to go on auction. Johnson and the firm reportedly paid $15 million for the fledgling football league.
XFL FOR SALE AMID BANKRUPTCY PROCEEDINGS
The reported purchase of the league comes as it filed for bankruptcy in April. The league was forced to shut down in the first season of its rebooted process because of the coronavirus and never returned. It was five games into the season when the pandemic struck.
Alpha Entertainment was listed as the parent company of the XFL, which named Vince McMahon as the chairman. McMahon announced the league’s reboot of the XFL in April 2018 and it appeared he was going to try a serious attempt at playing football in the spring of 2020.
XFL FILES FOR BANKRUPTCY AFTER CORONAVIRUS SACKS SEASON
The league started a week after the Super Bowl. It featured eight teams from markets across the U.S. The league drew 3 million viewers in its first week but the audience tapered off in the following weeks.
Some of the XFL’s best players signed with NFL teams in the offseason. Quarterback P.J. Walker, of the Houston Roughnecks, will back up Teddy Bridgewater with the Carolina Panthers. The Panthers also drafted safety Kenny Robinson, who played for the St. Louis BattleHawks.
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The Rock nor the XFL have commented on the reported purchase.
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