Vince McMahon's America-loving league comes with hefty $500 million pricetag
When pro wrestling mogul Vince McMahon kicked off the “original” XFL in 2001, everything was extreme. Remember “He Hate Me“?
The “new” XFL says it will be less gimmicky, but it certainly won’t be less costly.
McMahon sold $100 million of his WWE stock to help finance Alpha Entertainment, the new entity that owns the XFL.
According to league CEO and commissioner Oliver Luck, that’s just a drop in the bucket.
In an interview with ESPN’s Darren Rovell, Luck said McMahon’s personal investment will likely be closer to $500 million.
“People were focused on the $100 million, but the truth is that doesn’t even get us to the 20-yard line,” Luck said.
Part of the increase will be players’ salaries, which were around $45,000 in the original XFL but will be closer to $75,000 this time around.
Luck, who officially starts his job Monday, says player protection and insurance are going to be critical.
“I’ve been at all levels of football, and the importance of a broad-based insurance program cannot be understated,” he said. “There are very few participants who underwrite for this market anymore and it is obviously costly.”
While not providing a specific number, Luck told Rovell that insurance premiums will surpass $10 million.
It will be interesting to see how long it takes for McMahon to make his money back.
As outlandish as the WWE has become, there’s no denying his business sense.
Back in January, McMahon acknowledged the first $100 million, but there’s no one more bullish on the league’s comeback.
“I’m extremely fortunate to know that I have the ability to be able to do this,” he said at the time. “I won’t say whatever it takes, because I’m a businessman. But there will be plenty of capital to be able to capitalize and do what we want to do by reimagining football.”
The new-look XFL is scheduled to kick off in February 2020.
There will be eight teams with 40 players each that will play a 10-week schedule, then a semifinal and a championship game.
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