Dany Garcia and Dwayne Johnson, Co-Founders of the Seven Bucks Companies content firm, and RedBird Capital Partners, have been selected as the winning bidder for substantially all of the assets of Alpha Entertainment LLC, the parent company of the suspended XFL.
The XFL assets will be sold to Garcia, Johnson and RedBird for approximately $15m in accordance with the terms and conditions of the asset purchase agreement. 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.
Through this acquisition, the group secures the ability to option live entertainment intellectual property for further expansion across sports, live events and original entertainment programming.
“For Dwayne, Gerry (Cardinale, Founder/Managing Partner of Redbird) and myself, this property represents an incredible opportunity. It is the confluence of great passion, tradition and possibility” said Garcia. “Sports and entertainment are the foundations of the businesses I have built. Melding our expertise combined with our commitment to deliver exciting and inspiring unique content, has us all focused on developing the XFL brand into a multi-media experience that our athletes, partners and fans will proudly embrace and love.”
Johnson noted: “The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that’s rooted deeply in two things – my passion for the game and my desire to always take care of the fans.
“With pride and gratitude for all that I’ve built with my own two hands, I plan to apply these callouses to the XFL, and look forward to creating something special for the players, fans, and everyone involved for the love of football.”
Said Cardinale: “It is a privilege to partner with Dany and Dwayne on the acquisition of the XFL. Their track record in building dynamic businesses speaks for itself, and their vision and passion for developing the XFL as a world class sports and entertainment property will enable a new future for this organization.
“As their partner in acquiring and relaunching the XFL, RedBird will bring its own track record and experience in building world class companies in sports and live entertainment to help realize their vision.”
“We are grateful for today’s outcome,” said Jeffrey Pollack, XFL President and COO. “This is a Hollywood ending to our sale process and it is an exciting new chapter for the league. Dwayne, Dany and Gerry are a dream team ownership group and the XFL is in the best possible hands going forward.”