Founded by Emmy winning journalist Maria Menounos and Producer Keven Undergaro, AfterBuzz TV is the artist-friendly entertainment news platform that celebrates, discusses, interviews, promotes and reports on the widest range of stars, creators and content through video, audio and article publications.
Dwayne Johnson (The Rock) expanded his financial portfolio this week when he added co-owner of the XFL to his list of investments.
The former University of Miami Defensive tackle and Hollywood action movie superstar purchased the league alongside business partners Dany Garcia and Red Bird Capita from Alpha Entertainment for $15 million, after the company filed for bankruptcy due to the Coronavirus Pandemic. Many questioned why the purchase price was only $15 million. But the reality is that Johnson and his business partners were allegedly the only bidders for the league.
The XFL made its return this year after 19 years of hiatus, expecting 2020 to be a successful time to relaunch the league for fans. The 2001 XFL league launched the careers of many successful alumni into the NFL including Corey Ivy of the Patriots, Mike Furrey of the Rams, and Jose Cortez of the 49ers.
The XFL relaunched in February with eight teams taking the field including the XFL Roughnecks. More than 3 million viewers tuned in to the return league at first with high ratings making it a successful launch, but eventually fell below the million viewer mark. The league called an early season after only five weeks of play due to the pandemic.
Johnson’s partnership in buying the XFL was, “rooted deeply in two things-my passion for the game and my desire to always take care of the fans,” he said in a statement. “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.”
AfterBuzz TV host and writer, Haley Graves was a former XFL employee. She stated her opinion on their new ownership and is excited for the players and coaches.
“As a former XFL employee, I was thrilled to find out the news regarding the XFL. It was a professional spring football league that was successful beyond expectation. I am excited for the players and coaches that will garner another opportunity to continue to be a part of the game they love. Additionally, I’m pumped for the fans, for the ones who truly love the game of football. I know that the new ownership group behind Dwayne Johnson and Dany Garcia will only elevate the XFL to new heights as they build off of what was cut short in 2020.”
Garcia has already had much success with Johnson collaborating on television projects like The Titan Games, giving the business partners an advantage in taking over the league.
Johnson and Garcia are co-founders of Seven Bucks Companies, a production company which creates content for television and film, prior to becoming owners in the XFL. With ties to television and a successful competition show under his belt, Johnson is sure to use his leverage to draw in new television partners for the league.
Garcia also made history with the deal when she became the first female to own an entire sports league. This opportunity presents the opportunity for female sports fans to support a female owner. According to Johnson the whole deal was spearheaded because of Garcia which makes this move even more notable for women empowerment.
Though the deal seems to be set in stone, late Monday afternoon, attorneys for the creditors of the XFL filed an objection in bankruptcy court. The objection is to the proposed sale. With assets and liabilities sitting between $10 million to $50 million, the creditors have expressed concern of their interests. The creditors are stating that the seller has not vaulted the XFL properly to advise creditors of where they stand with the sale and losses.
The Rock has yet to comment on the filing or if employees who’ve been laid-off will return to their positions at the league upon relaunch.
Russell Ray is an outgoing high energy multimedia journalist/ producer, Actor, writer and AfterBuzz TV host. Russell has accreditations with TMZ and The NAACP Image Awards with a passion to bring you breaking news, entertainment segments and interviews.
Founded by Emmy winning journalist Maria Menounos and Producer Keven Undergaro, artist-friendly AfterBuzz TV is the world’s largest digital broadcast network and pop culture news platform, producing post-game ‘after-shows’ for nearly all favorite TV shows, interviewing cast and showrunners and providing the widest video, audio and article coverage of shows, content and influencers than any entertainment news platforms in existence
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