The third biggest shareholder in Liverpool owners Fenway Sports Group have landed a multi-year TV deal for the relaunched XFL.
RedBird Capital Partners, the New York-based private equity firm that took an 11 per cent stake in FSG in March 2021 for a $750m sum, have been the financial backers behind the plans to get the XFL off the ground for the third time in the USA, with RedBird in partnership with Hollywood actor Dwayne Johnson and his ex-wife and business partner Dany Garcia on the project, which is set to take to the field in 2023.
The XFL that RedBird, Johnson and Garcia envision is one that does not compete with the global behemoth that is the NFL, but an American football competition that works alongside it, filling the void and the desire for 'gridiron' after the NFL season ends in February. It won't simply be a repackaged NFL, it will seek to implement new media opportunities and put entertainment at the forefront for the fan, as well as attempting to provide unique insight from a player perspective.
In February, the XFL reached a partnership agreement with the NFL that will focus on creating innovation programs and protecting the health of players.
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The competition is set to begin in February 2023, with the cities set to play host to the eight teams to be announced in the near future. But in order for the competition, and RedBird's investment, to be a success it required a media platform through which to reach fans, something that has now been achieved after a deal was inked with The Walt Disney Company, with games to be shown on ESPN and other Disney-owned platforms in what is a major boost for the fledgling league as it attempts to succeed where the other two iterations failed.
In a statement, Johnson said: "This is a definitive moment for the XFL and the beginning of an incredible, long-term partnership for the league, building on my longstanding, very successful legacy relationship I've had with Disney throughout my career.
"We are thrilled to work with global visionaries who are aligned with XFL values, are true team players and share our ambitious goals to grow XFL as a global sports and entertainment company."
When the idea of an American Football league to fill the spaces in the US sporting calendar outside the regular NFL season was brought to market in 2001 it was done so with the backing of the World Wrestling Federation (WWF), their charismatic leader Vince McMahon and executives from NBC television.
Looking to try and exploit the gap in the market for the sport after the ending of the NFL season it aimed to bring the fireworks and take off the shackles of the sport's tradition, bringing in a new experience for fans that was probably well ahead of its time.
Skycams, players wearing microphones, in-game interviews with players and rule changes to try and make the product more explosive and appealing to the younger consumer were all introduced and eight franchises were secured in Los Angeles, New York, Las Vegas, Memphis, San Francisco, Chicago, Orlando and Birmingham, Alabama.
Figures were strong to start but the stardust that McMahon had applied to the WWF, where it became more akin to a soap opera than a professional sport, wasn't able to work. Fans and the media were critical of the quality of the football itself, especially when compared with the behemoth that is the NFL, and the XFL was accused of being more interested in gimmicks than actually creating a viable new league that could hold the attention of the sporting public.
Despite strong viewer numbers to start it lasted for just one season and had it's rapid rise and even faster fall documented as part of one of the ESPN: 30 for 30 documentaries, where it's warts and all story was told.
Seventeen years later it was back, and so was McMahon.
Eight teams remained, with some in new cities such as Seattle and Washington DC, and McMahon had seemingly tried to learn from the mistakes of the first, trying to offer a slicker, faster and simpler play than the NFL, as well as reining in some of the gimmicks that had been implemented first time around.
Franchises were sorted, commercial partners and TV deals secured and a draft held in late 2019 ready for the season start early in 2020 after the conclusion of the NFL.
Five weeks into competition the coronavirus pandemic struck and forced the season to be cancelled. But by this time the XFL had already been experiencing difficulties and lower than expected viewing figures.
On March 12, 2020, the league was cancelled and one month later it filed for bankruptcy, it's former commissioner Oliver Luck involved in litigation with McMahon over unfair dismissal. It seemed that was that for the XFL.
But in August of 2020 the idea for a reboot was given fresh hope, this time without McMahon, with Johnson, Garcia and Cardinale, through RedBird Capital, purchasing the rights for a reported $15m, acquiring it out of bankruptcy.
The XFL project is an interesting one from a Liverpool and FSG perspective as it potentially gives some clues as to what the future may hold. RedBird have been one of the most prolific investors in sports during the last two years, acquiring a majority shareholding in French side Toulouse, and minority stakes in Spanish side Malaga and Indian Premier League cricket team the Rajasthan Royals. Recently they have entered into the race to purchase a controlling interest in Italian giants AC Milan from current owners Elliott Management, although they face a battle with Bahraini investment fund Investcorp on that front.
The XFL has tried and failed twice, in pretty spectacular fashion. Cardinale is an active investor with a keen interest in business growth, and RedBird investments are most often done with a long-term project in mind. With expertise gained in part ownership of the YES Network in New York, a TV network that broadcasts games from the New York Yankees and Brooklyn Nets, Cardinale has brought his know-how into the investment space and has partnered with arguably Hollywood's biggest and most bankable star in Johnson for the XFL, while also working on other investments with one of the world's most recognisable athletes in LeBron James through their FSG connection (James is an FSG partner owning one per cent) and RedBird investment into James and his business partner Maverick Carter's SpringHill Entertainment Company.
How to make the XFL work has flummoxed experienced minds twice before, but if RedBird can make it work then it gives a good indication of the kind of clout that they can bring to the table at FSG, with RedBird planning on increasing the amount of capital that they have already committed to the Liverpool owners in the future to help sport's third biggest empire grow even further. The stronger FSG is as an ownership group, the greater the chance that the sporting entities that lie within it, such as Liverpool, Boston Red Sox and Pittsburgh Penguins, become stronger in time.
