Johnson has a special reason for making the investment. Johnson, who hails from Hayward, Calif., was a defensive tackle for the University of Miami from 1991 to 1994, winning a national title his first year. The lawsuit was on hold awaiting the results of the bankruptcy. When you don't, it's chaos. ", In a statement, Pollack called the pending sale "a Hollywood ending" and said Johnson's investors are "a dream team ownership group and the XFL is in the best possible hands going forward. What will The Rock do with the XFL? The XFL declared Chapter 11 bankruptcy 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. ‘The deal is official closed and … "The Rock bought the XFL for $15 million — which is valued as highly as $50 million — with his ex-wife as part-owner and just hours before the league hit auction. The league suspended operations and laid off all of its employees on April 10 and filed for bankruptcy protection on April 13. A group including actor and former WWE star Dwayne Johnson has agreed to purchase the XFL for about $15 million, according to a news release issued Monday morning. Former wrestling star Dwayne "The Rock" Johnson says he has acquired the XFL for a reported $15 million US. Former wrestling star Dwayne "The Rock" Johnson says he has acquired the XFL. Dwayne "The Rock" Johnson is now a part-owner of the XFL. The transaction is subject to bankruptcy court approval at a hearing this Friday, August 7 and, assuming that closing conditions are satisfied, is expected to close on or shortly after August 21. Johnson and RedBird Capital purchased the XFL for $15 million on Monday morning, hours before a bankruptcy auction of the failed football league was scheduled to begin, according to Sportico . The actor's purchase of the XFL League feels reminiscent of the show, "Ballers." Last week, it purchased a controlling interest in Toulouse Football Club, a French soccer team. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Those discussions are active.". The announcement was made earlier today, with the … Dwayne The Rock Johnson bought the XFL in August for $15 million, a move former NFL linebacker Channing Crowder categorized as a giant waste of money. Deal contingent on … The XFL assets will be sold to Garcia, Johnson and RedBird for approximately $15 million, in accordance with the terms and conditions of the asset purchase agreement. Chargers sign former XFL tight end Parham Jr. XFL files for bankruptcy after suspending league, Is this it for the XFL? Dwayne ‘The Rock’ Johnson buys the XFL in $21 million deal. Dwayne "The Rock" Johnson to Purchase the XFL: Report. The XFL declared Chapter 11 bankruptcy on April 13 and has been seeking a buyer for the past … Here's what we know and don't know about its future, Covered Vikings for Minneapolis Star Tribune, 1999-2008. Actor and ex-WWE star Dwayne 'The Rock' Johnson bought the XFL with investor Gerry Cardinale for $15 million after the spring football league's bankruptcy The two reportedly split the purchase … Reportedly the price is $15 million US. Dwayne Johnson @ … The XFL has been sold to a group that includes former WWE star Dwayne “The Rock’’ Johnson, giving the bankrupt football league the kind of star power that may draw even non-sports fans. It's exciting to see Dwayne Johnson and a group of investors buy the bankrupt XFL. Season, each data point exceeding internal expectations, according to sources files for protection..., your players are safe XFL management team and evening being mindful to what actually... 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