The Confusing History Of The XFL's Ownership, Explained
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The XFL was an ambitious project founded in 1999. It was football with a little extra something from the world of professional wrestling. At that time, WWE was at the peak of the Attitude Era and so Vince McMahon, part owner of the XFL, brought over some elements from the pro wrestling world.
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NFL was declared as the No Fun League and the XFL was the Extra Fun League, with an abundance of theatrics, cheerleaders and most of the stuff you’d see on WWE television. The actual games, however, were legit and as Vince McMahon himself said, there was no way you could script a football game. The initial XFL, a corporate entity, was not wholly owned by Vince McMahon. That was a common misconception back then, but in reality, the XFL was a 50-50 joint venture between NBC and WWE subsidiary, WWE Properties International, Inc., headquartered in Delaware.
The Original XFL Was A Joint Venture Between WWE And NBC
McMahon had plans to purchase the Canadian Football League and bring it to the United States but with NBC looking to start a pro league of their own, the two corporations got together and founded the XFL, pro football in the style of pro wrestling. The initial investment was $100 million.
Unfortunately, the XFL did not last very long. People tuned in to watch the first couple of months, but the ratings collapsed shortly after and the XFL was shut down after one season. NBC, the joint owner, refused to air the second season of the league, and while Vince McMahon tried to keep the project going, he was forced to give up when United Paramount Network presented him with a number of outrageous demands, resulting in the WWE chairman calling it quits. XFL was forced to shut down, and given the scale of the failure, many assumed that McMahon would never try to venture into the world of pro football ever again.
Vince McMahon Brought The XFL Back Decades Later
Fast-forward nearly two decades later; Vince McMahon was at it again. The WWE boss founded a separate corporate entity by the name of Alpha Entertainment. The objective of this new company was to explore investment opportunities across the sport and entertainment landscapes, including professional football. Even before founding Alpha Entertainment, Vince McMahon had stated time and time again that he was considering a revival of the XFL. On January 25, 2018, Alpha Entertainment announced the new XFL. Vince McMahon was back in the pro football world.
This was not a reboot of the original XFL but an entirely different corporation. Unlike the original, which was a joint venture, XFL 2020 was wholly owned by Alpha Entertainment. In contrast to the edgy and raunchy XFL, the new league would feature simple football, without the elements from pro wrestling. Television deals were inked, a draft was held in the fall of 2019, and everything was going well. Then the pandemic came along.
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The Covid-19 pandemic brought the entire world to a standstill and the XFL was suspended mid-season, merely five games in. On April 10, 2020, it was announced that the league would be suspending operation and all employees were laid off. Bad luck struck twice, this time in the form of a pandemic.
The XFL Was Eventually Bought By Dwayne 'The Rock' Johnson
XFL filed for bankruptcy just a few days after ceasing operations and the league was put up for sale. As per the agreement, McMahon was barred from buying back the XFL, and that was the end of his involvement with the league. A new owner came along in just a matter of months. Former WWE superstar, current Hollywood megastar, and former CFL player, Dwayne “The Rock” Johnson, purchased XFL for $15 million. This purchase was approved by the court on August 7, 2020. As of now, the XFL is slated to return in February 2023.
In summation, the original XFL founded in 1999, but ceased operations and went down under in 2001 due to crippling losses incurred by both NBC and WWE. A completely different entity bearing the XFL name was launched in 2018 and the man managing the new incarnation was Vince McMahon. The Covid-19 pandemic led the new league into bankruptcy and The Rock, alongside Danny Garcia and Gerry Cardinale, purchased the XFL in 2020. Vince McMahon never truly had luck with ventures outside the world of professional wrestling but good on him for trying.
