So how did Dwayne “The Rock” Johnson and his partners finagle the XFL’s carcass for only $15 million? Reportedly, there were no other viable buyers.
Daniel Kaplan of TheAthletic.com reports that the court presiding over the XFL’s bankruptcy case wrote Monday that “no other Qualified Bids were received by the Bid Deadline.” Only two bids arrived before last week’s deadline for making offers, and only Johnson’s passed muster.
That explains the reason for the cancellation of Monday’s auction; there would have been only one bidder.
Kaplan reports that the committee of “unsecured creditors” have objected to the proposed sale, arguing that the terms are “generally inconsistent with market standards” and that the sales agreement includes the ability to claw back certain payments made in the 90-day and one-year periods, allegedly exceeding $60 million.
The purchase of the league requires court approval. Absent another entity offering more money for the XFL than The Rock and his partners, it’s hard to call the deal anything other than what it is: The best one available.
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August 04, 2020 at 06:45AM
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