Dwayne Johnson buys out Vince McMahon’s struggling XFL for $15m only hours before auction

XFL might be free from WWE chief Vince Mcmahon but ar wrestling legend has come to its rescue in form of Dwayne ' Rock' Johnson. XFL bankruptcy story was all over news but a group that included WWE great Dwayne Johnson, purchased American Football League only a few hours before it was put up for auction. It's reported that Dwanye Johnson and his group purchased  XFL for approximately $15 million. 

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WWE legend Dwayne Johnson buys XFL: Who is XFL owner?

On Monday, Dwayne Johnson took to Twitter to reveal that he became proud new owner of XFL. XFL purchase was reportedly split evenly between Johnson and his investment partner RedBird Capital. Danny Garcia, Johnson's ex-wife and business partner, is also a stakeholder in business and became first woman to own an entire sports league independent from a team.

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Dwayne Johnson buys XFL: XFL net worth

XFL was previously owned by WWE chairman Vince McMahon and  74-year-old had twice attempted to revive league. Although McMahon had successfully revived XFL for 2020 season, his attempt was cut short due to coronavirus pandemic. According to reports from ESPN, McMahon was expected to inject $500 million to reboot XFL for first three seasons.

It was reported that McMahon spent around $200 million of his own capital to revive XFL in 2018.  XFL 2020 season made it through to five games before it was decided that season would be suspended due to coronavirus. teams that participated in XFL generated strong TV viewership, maintaining between one and two million viewers per week. According to reports,  XFL is listed with assets and liabilities in range of $10 million to $50 million

Dwayne Johnson and Vince McMahon ownership in future?

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XFL went into financial chaos due to pandemic and after suspending its operations on April 11, XFL filed for bankruptcy. However, WWE legend former American football player Dwayne Johnson has come to aid of Vince McMahon. XFL league is reportedly planning for  2021 season to possibly be played in a bubble environment. It is still unkwn wher or t McMahon will have an investment in XFL 3.0. Given  relationship that Dwayne Johnson and Vince McMahon shared at WWE, wrestling mogul will be glad that his former employee has opted to revive his fallen project.

Im Credits - AP