A bankruptcy judge in Delaware has declared The Rock, Dany Garica, and RedBird Capital the new owners of the XFL officially. This comes after Alpha Entertainment on Monday approved the bid from the team of investors. They were able to resolve the unsecured creditors’ committee objections before today’s court session. Judge Laurie Selber Silverstein approved the transaction.
The group paid $15 million for the league and assumed possible liabilities and pay cure amounts of up to $9.2 million according to ESPN’s Kevin Seifert. The road is not over yet as the next step is closing on the deal on August 21st. At that point, the group can officially have the keys to the league.
The process is far from over as creditors need to get paid, court approvals, and possible appeals can happen and more legal proceedings. For now, the prospects for a 2021 season are good.
The reason why is all of this has transpired during what would have been the XFL’s “Off Season.” If they can get all the legal issues in place by the end of August, we could see a flurry of action in September.
9/14 Officially Begins Garcia, Johnson, RedBird Capital XFL Regime
/ 4 days ago
Monday Officially Begins Garcia, Johnson, RedBird Capital XFL Regime, Who Could Be The Next...