Dwayne Johnson aka “The Rock”, Dany Gacia, and Redbird Capital Partners, collectively known as Alpha Acquico, LLC. will gain ownership of the XFL later month following a judgement from the Delaware Bankruptcy court.
A bid from Johnson’s team was placed to purchase Vince McMahon’s league for $15 million earlier this week. The sale was objected by creditors, and was subject to approval by courts Friday morning. The court has approved the sale, which according to ESPN includes $9 in cure payments.
Garcia and Johnson will both be heavily involved in the league, which they plan to relaunch in 2021. The pair are currently in discussions with current XFL management.
The XFL declared Chapter 11 bankruptcy on April 13, less than a month after canceling the 2020 season at its midpoint because of the coronavirus pandemic. More than 30 individuals or groups indicated initial interest in the sale, but Johnson, Garcia and RedBird submitted the only qualified bid. The XFL canceled a planned auction scheduled for Monday and awarded them the league. President and chief operating officer Jeffrey Pollack hailed the sale to former associates of McMahon as a “Hollywood ending” to the process.
“There are a lot of excellent people in that team,” Garcia stated. “While it’s not 100 percent just turning the lights on, there is still a tremendous amount of infrastructure and relationships that you can actually call people back, pull people back. We saw the work that they were doing for this year, and there was some excellent, excellent work. There is a team there.”
Former XFL commissioner Oliver Luck filed a lawsuit against Vince McMahon, citing wrongful dismissal. That lawsuit is pending the completion of the bankruptcy process, which now will be fast-tracked due to the sale to Alpha Acquico.