We are learning more details about The Rock’s purchase of the XFL. Based on today’s court filings we learned a bit more about the sale price and how many companies put in bids.
First, technically the new owners of the XFL are Alpha Acquico, LLC.
From today’s court filing.
“Alpha Acquico, LLC (“Alpha Acquico”), a joint venture between The Garcia Companies and Redbird Capital Partners Management LLC. The Qualified Bid of Alpha Acquico is for the purchase of substantially all of the Debtor’s assets for a purchase price of (a)$15,000,000, (b) the assumption of certain specified liabilities, and (c) the payment of cure amounts of up to $8,500,000 for agreements designated by Alpha Acquico to be assumed and assigned by the Debtor in accordance with the designation procedures provided in the asset purchase agreement and order approving the sale.
These cure amounts can be payments to The University Of Houston and XFL season ticket holders. Another interesting tidbit is actually how many people placed Qualified Bids on the XFL. The answer is only one, but that’s all it takes.
“PLEASE TAKE FURTHER NOTICE that, no other Qualified Bids were received by the Bid Deadline, and the Debtor hereby provides notice of cancellation of the Auction. The Debtor will seek entry of an order approving the sale to Alpha Acquico at the sale hearing scheduled for August 7, 2020 at 10:00 a.m. (ET)”
The question now is will Alpha Acquico have to capital to fund a pro football league. In Dwayne Johnson’s case his net worth is valued at around $320 million for 2020. He is just one of several partners, so they should have the funds to see this through.
With my trail blazing partner @DanyGarciaCo & Red Bird Capital, we have acquired the XFL.— Dwayne Johnson (@TheRock) August 3, 2020
With gratitude & passion I’ve built a career with my own two hands and will apply these callouses to our @xfl2020 brand.
Excited to create something special for the fans! #XFL #fullcircle pic.twitter.com/LprJ6HjglD
The XFL on FOX has even posted its first tweet since April.
The Rock and his production company have done work with the Fox network before, could this be a sign of things to come. He is not the only one with money behind this venture.
RedBird Capital is no stranger to sports acquisitions. They have done work with the NFL, is an investor with the YES Network, and recently purchased the French soccer team Toulouse.
The sale is still subject to bankruptcy court approval. That hearing will take place this Friday, August 7th. They are expected to close on the purchase by August 21st.
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