Once Vince McMahon folded the XFL after the 2020 season was cut short due to the COVID-19 pandemic and filed bankruptcy, The Rock, Dany Garcia, and RedBird Capital bought it in 2021.
This year was its inaugural season, with the Arlington Renegades defeating the DC Defenders in the championship game. They aired the games across ESPN, FX, and other networks.
According to Forbes, they were paid $20 million per season by ESPN. The league projects $100 million in revenue next year after losing an estimated $60 million this year.
“We’re extremely well-capitalized for the long-term,” said Garcia, the XFL’s chair. “This is our new WWE. The next massive live property.”
“This is not just an endeavor that’s going to fill up a portfolio and one day we flip it, and we’re out,” The Rock said. “This is legacy. This is the long game.”