Market Overview

Vince McMahon Unveils 8 Cities Hosting XFL Teams In 2020

Share:
Vince McMahon Unveils 8 Cities Hosting XFL Teams In 2020
Related WWE
Ricky Williams, Terrell Owens Launch The 'Freedom Football League'
JPMorgan Sees 20% Upside For WWE, Multiple 2019 Catalysts

XFL football is returning to the gridiron in 2020, and eight cities were announced as the homes of XFL teams on Wednesday.

World Wrestling Entertainment, Inc. (NYSE: WWE) CEO and XFL owner Vince McMahon has assured WWE investors that WWE has no direct ties to his private company Alpha Entertainment, which is financing the XFL. McMahon disclosed this week he sold $22 million of his personal WWE shares ahead of Wednesday’s announcement.

XFL 2.0

In a press conference at MetLife Stadium in New Jersey, McMahon confirmed that the following eight cities will be home to XFL teams in 2020: Dallas, St. Louis, Houston, Los Angeles, New York, Seattle, Tampa Bay and Washington D.C.

McMahon also introduced XFL commissioner and former NFL quarterback Oliver Luck.

WWE stock initially tumbled more than 8 percent in December 2017 when McMahon sold more than $100 million of his WWE stock to raise cash for a professional sports venture.

The original XFL, which lasted just one season back in 2001, was a joint venture between WWE and partner NBC. Both partners reportedly lost $35 million in the single season, and the failure remains a tarnish on McMahon’s successful legacy as head of WWE.

McMahon’s Commitment

This time, McMahon is using his own money and his own private company to finance the league, and Darren Rovell reports McMahon is committed to spending in the neighborhood of $500 million in the XFL’s first three seasons.

While WWE is not a partner in the new XFL, investors will be watching to see if McMahon has more success in football this time around than he did in 2001. As of March 2018, McMahon still held roughly a 42 percent ownership of all outstanding WWE equity, so he has plenty of shares of stock to sell if need be.

Related Links:

JPMorgan Sees 20% Upside For WWE, Multiple 2019 Catalysts

Guggenheim Raises WWE Price Target Ahead Of India Deal

Photo courtesy of XFL. "XFL Cities and Stadiums: Official Announcement"

Posted-In: Alpha Entertainment Vince McMahon XFLNews Sports Events General Best of Benzinga

 

Related Articles (WWE)

View Comments and Join the Discussion!

State-By-State Cannabis Sales Show That Recreational Weed's Disruption Of Medical Pot Continues

SecureWorks Q3 Earnings Outlook