Feb 18, 2023; Arlington, TX, USA; XFL owner Dwayne Johnson on the sidelines during the first half between the Vegas Vipers and the Arlington Renegades at Choctaw Stadium. Photo Credit: Raymond Carlin III-USA TODAY Sports
The return of the XFL may have been viewed as a success to players who parlayed it into NFL opportunities, but the financials were a different story.
According to a report from Jabari Young of Forbes, the XFL lost an estimated $60 million in 2023. The financial issues led to the league having to cut some of its work force, but owner Dwayne “The Rock” Johnson and his partner Dany Garcia remain optimistic about the future.
The XFL initially launched in 2001. That league was operated as a joint venture between Vince McMahon’s World Wrestling Federation — now World Wrestling Entertainment — and NBC. It lasted just one season before folding. McMahon then tried to bring the XFL back in 2020, but the pandemic led to an abrupt bankruptcy filing. Johnson, Garcia and others purchased the XFL for $15 million just before it went to auction in August 2020.
Johnson’s league is coming back for a second season, so you can make the argument that it is already more successful than previous versions. Garcia said the league is “extremely well-capitalized for the long-term,” and sources told Young that the XFL is projecting $100 million in revenue next season. Much of that revenue comes from the XFL’s media deal with ESPN, which pays around $20 million per year.
We have seen some players earn invites to NFL camps after the XFL’s first season. Johnson thanked the NFL in a tweet this week.
Appreciate the @NFL for their fantastic support of our @XFL.
We’re the underdogs looking to grow the game of football with integrity, passion and mana. Your support means everything and this fall we will have approximately 75-100 XFL players competing at NFL camps.
A number I’m… https://t.co/19caC6yMeq— Dwayne Johnson (@TheRock) June 11, 2023
Time will tell if the XFL can actually become profitable. In order to do so, it will need to be more than just a minor league version of the NFL. The second season should go a long way toward forecasting whether the third version of the XFL has any staying power.
The post XFL reportedly lost huge amount of money in first season back appeared first on Larry Brown Sports.
from Larry Brown Sports https://ift.tt/kGalcoU
via IFTTT