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

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

ALSO READ: What Is XFL? What Is The Major Difference Between The Rock's XFL And NFL?

ALSO READ: Dwayne “The Rock” Johnson Acquires XFL

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

On Monday, Dwayne Johnson took to Twitter to reveal that he became the proud new owner of the XFL. The 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 the business and became the first woman to own an entire sports league independent from a team.

ALSO READ: Kurt Angle Picks The Rock As "the Best Athlete I Ever Got In The Ring With”

Dwayne Johnson buys XFL: XFL net worth

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

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

Dwayne Johnson and Vince McMahon ownership in the future?

ALSO READ: How Much Did Vince McMahon Invest In XFL? XFL Files For Bankruptcy After Laying Off Staff

The XFL went into financial chaos due to the pandemic and after suspending its operations on April 11, the XFL filed for bankruptcy. However, WWE legend former American football player Dwayne Johnson has come to the aid of Vince McMahon. The XFL league is reportedly planning for the 2021 season to possibly be played in a bubble environment. It is still unknown whether or not McMahon will have an investment in the XFL 3.0. Given the relationship that Dwayne Johnson and Vince McMahon shared at WWE, the wrestling mogul will be glad that his former employee has opted to revive his fallen project.

Image Credits - AP