Dwayne Johnson’s acting career faces struggles as he takes a financial hit with the troubled XFL league, which is now on the brink of bankruptcy and considering cost-cutting measures.
Starring in updates of Baywatch and Get Smart, Dwayne Johnson appears to have some experience with questionable reboots. Similarly, even his co-owned XFL franchise prepared to return with their second season of the reboot in 2023. However, following the spring preparation that ended with success, XFL still appeared proposing major layoffs to adjust their previous bankruptcies.
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Dwayne Johnson Purchased XFL In 2020
The history of XFL dates way back to the early 2000s when they originally started off with a partnership between NBC and WWF (currently known as WWE). However, the franchise imploded after a single season as they ended up making sleazy headlines related to “s*x and booze” and cameras in cheerleaders’ locker rooms.
Thus, after crumbling in 2001 due to the lack of serious propositions, XFL returned to the growing market in 2019, with a spring start-up aiming to capitalize. However, yet again, the franchise suffered losses within just eight weeks and filed for bankruptcy. Trying to resurrect the XFL in 2020, wrestling tycoon Vince McMahon dropped the gimmicks and reportedly spent $200M.
However, yet again the franchise faced a shutdown within five weeks because of the coronavirus pandemic and thus filed for bankruptcy. That’s when Dwayne Johnson entered with his $15M proposals to purchase XFL and make it work. Thus buying the XFL rights, Johnson partnered with his ex-wife, Dany Garcia, RedBird Capital, and a New York-based investment firm.
Despite the previous struggles and bankruptcy of the XFL franchise, the representative and current investors clearly believed they could make this current edition work well. Blaming unfortunate timing for their previous crisis, Dwyane Johnson, along with the other owners aimed to nurture ambitious players.
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XFL Franchise Prepares For Major Layoffs
Previously facing two major bankruptcies, XFL promised to limit their cost to avoid financial losses. Further witnessing a litany of past failures, it seemed clear that Americans have a limited appetite for spring leagues. Thus, a major struggle appeared for Dwayne Johnson as he promised to make XFL 2023 work.
Amid his own career crisis, Dwayne Johnson dedicated himself to the franchise to ensure maximum success. And evidently, the second season of XFL’s third installment demonstrated strong growth and delivered a quality match. However, the league still appeared proposing cost cuts and layoffs. Firing some marketing employees and shifting towards seasonal workers, the league notably initiated their proposal.
XFL spokesperson Dan Gagnier stated, “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”.
Dismissing CMO Janet Duch and VP/Marketing and Brand Anthony Zucconi as part of a broader set of job cuts, the league offered a strategic review. Eliminating several jobs and proposing a more revenue-driven approach, XFL tried restructuring its previous losses. Although the 2023 spring match ended well on a successful note, Dwayne Johnson’s XFL still appears to be staying put on their cost-cut approach.
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Source: Guardian, Sports Business Journal
