Dwayne Johnson's $15 million XFL purchase objected by league's unsecured creditors

Former WWE superstar Dwayne Johnson made headlines on Monday after he decided to purchase the now-defunct pro football league XFL. According to reports, Johnson and his investors, who include his business partner Dany Garcia along with RedBird Capital Partners, shelled out $15 million to purchase the XFL. They aim to resume plays next season. However, the Dwayne Johnson XFL plans are likely to hit a roadblock with the league’s unsecured creditors having objected the purchase.

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Dwayne Johnson XFL purchase objected by unsecured creditors: Reports

Dwayne Johnson and his investors bought the XFL for $15 million on Monday from WWE boss Vince McMahon after the league had filed for bankruptcy as the season was cancelled amidst the COVID-19 pandemic. The XFL declared Chapter 11 bankruptcy on April 13 and has been seeking a buyer for the past three months, marketing itself as a made-for-TV product that could transition as early as 2021 to a bubble concept during the coronavirus pandemic. However, according to XFL Newsroom, the Dwayne Johnson XFL purchase was objected by the league’s committee of unsecured creditors, claiming that the $15 million from Johnson and his group isn’t nearly enough for the entire league.

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XFL purchase objected: Dwayne Johnson plans to resume XFL next season 

With that XFL purchase objected, the committee has significant concerns that the sale contemplated with the proposed buyer does not complete the sound business purpose test. The committee has been and remains supportive of a competitive sale process run by the debtor that invited a qualifying bid from the proposed buyer. While the Dwayne Johnson XFL purchase is objected, it is likely to be a small hiccup in the entire sale process. The WWE wrestler-turned-actor is likely to become the new XFL owner. 

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XFL President John Pollack was excited to see the sale to Dwayne Johnson happen and said that Dany, Dwayne and Gerry are a dream team ownership group. Pollack further said that the XFL is in the best possible hands for the exciting journey ahead. Dany Garcia revealed that the league plans to resume playing in 2021 and are taking all necessary steps to execute it.  The XFL has twice shuttered after one season, first in 2001 and again earlier this year as a result of the pandemic. There hasn't been a successful alternative professional football league since the AFL forced a merger with the NFL in 1970. 

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(Image Courtesy: The Rock Instagram)