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The sale of the XFL to Alpha Acquico LLC, the group led by Dwayne "The Rock" Johnson and Dani Garcia was approved this morning during a conference call this morning by U.S. District Judge Laurie Silverstein
As PWInsider.com reported on 8/3, The Official Committee of Unsecured Creditors for Alpha Entertainment, the parent company of the XFL seeking to stop the sale of the XFL's assets, citing concerns that a better deal could have been found and that Alpha Entertainment had "failed to value significant assets that are now being included in the Sale, but were not contemplated as part of the assets to be purchased in the form asset purchase agreement prepared" by Alpha Entertainment. In short, the creditors are concerned the XFL assets are being sold at a lesser value than they are worth and that the creditors could end up receiving nothing or very little from the sale - and that there are assets included in the sale that were not part of the financial evaluation of Alpha Entertainment when it filed for bankruptcy.
Today's hearing included a modified agreement that satisified the Unsecured Creditors and has been approved pending some small, final changes that the Court required and that no one involved with the bankruptcy had any issues with.
The XFL purchase for Alpha Acquico LLC, for $15 million, brings them all of the XFL assets. They also agreed to take on "certain specified liabilities" and finance $9 million (up from $8.5) towards any payments that are needed to cure previous financial defaults from the old owner.
The official sale will go through towards the end of the month.
Dani Garcia, The Rock's long-time business partner, was the brains behind the purchase, bringing Johnson on board. Their hope is to resume the XFL with a 2021 league schedule.
As part of today's hearing, former XFL Commissioner Oliver Luck was given his blessing to resume his wrongful termination lawsuit against Vince McMahon personally as well.
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