7 votes

Dwayne 'The Rock' Johnson, investor group agree to buy XFL for $15M

Posted by moocow1452
Tags: xfl, usa, dwayne johnson, business, acquisitions, author.kevin seifert
https://www.espn.com/xfl/story/_/id/29588303/dwayne-rock-johnson-investor-group-agree-buy-xfl-15m

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Title
Rock-solid buy: Ex-WWE star, group to own XFL
Authors
Kevin Seifert
Published
Aug 1 2020
Word count
759 words

2 comments

  1. [2]
    moocow1452
    Link
    $15 million for everything the XFL has to offer is really, really freaking cheap. There has to be some streaming service that would be really into being "the place" for XFL coverage. It's not like...
    • $15 million for everything the XFL has to offer is really, really freaking cheap.
    • There has to be some streaming service that would be really into being "the place" for XFL coverage.
    • It's not like anything else Dwayne Johnson touched since he left wrestling hasn't turned to gold.
    2 votes
    1. AugustusFerdinand
      Link Parent
      Their proposal was also the only viable bid declared. $15M is also being contested by the creditors arguing that the terms are “generally inconsistent with market standards” and that the sales...

      Their proposal was also the only viable bid declared. $15M is also being contested by the creditors arguing that the terms are “generally inconsistent with market standards” and that the sales agreement includes the ability to claw back certain payments made in the 90-day and one-year periods, allegedly exceeding $60 million.

      The first point that the creditors argue seems to hold no weight, even if your only recent metric for the price is the failed AAF league, the utter lack of anyone willing to come forward to buy the XFL seems to speak to the market standards for a twice failed property that again joins a long list of failed professional football leagues.

      I'm not quite sure what the second part means. Does it mean that the group can pull back payments made to the creditors over those periods possibly making the $15M purchase of the league possibly a $45M profitable exercise without playing a single game or selling a single piece of merchandise? Could also be read as after the sale payments will be made to creditors, but have the chance of being taken back by the investment group.

      On a side note I do find Dwayne Johnson and Dany Garcia's relationship an interesting one as it seems to be the very definition of an "amicable divorce". They were married and had a child, split in 2007, and then in 2008 he asked her to manage his career and she subsequently quit her other jobs (VP at Merrill Lynch and owner of a wealth management firm) to do so to wild success. Now they're likely to grab a property for a veritable pittance and hopefully do what Vince McMahon never could, although the 2020 edition of the XFL failure wasn't his fault in the slightest.

      4 votes