In 2020, Dwayne “The Rock” Johnson joined forces with a team of investors to purchase the XFL for $15 million. With its first season in the past, it’s time to look at the financials and consider what the future may bring.
According to recent reports, the startup professional football league lost roughly $60 million in 2023. That’s in addition to a handful of high-profile job cuts last month. While that’s not good news, league executives are confident in its future.
Despite a massive loss this year, the XFL has its sights set on bigger things in 2023. Next season, the league expects to generate $100 million in revenue, which includes $20 million from sports network giant ESPN.
Johnson is clear that the XFL is more than a side hustle for him. His goal is to ensure that the league is viable over the long run.
“This is not just an endeavor that’s going to fill up a portfolio and one day we flip it and we’re out. This is legacy. This is the long game,” he said.
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As for the job cuts, XFL spokesperson Dan Gagnier shared the following in a public statement:
“As the XFL plans for 2024 and beyond, it has decided to transition into a dual full-time and seasonal-based employment model to improve efficiency and drive sustainable business performance across all markets, given the seasonal nature of the business. The XFL will continue to employ full-time business and football operations functions on both the league and team levels and will scale up hiring each year for preseason and in-season roles.”
The first year of the XFL under Johnson was a financial challenge, but chairwoman Dany Garcia echoed his sentiment that the league is well-positioned for future success.
“We’re extremely well-capitalized for the long term. This is our new WWE. The next massive live property,” she said.
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