The 3.0 version of the XFL season has concluded, and while it brought back thrills and thousands of fans across the country, it lost a ton of money.
According to Forbes, the league lost $60 million in 2023 but they are projecting $100 million in revenue for its second season.
Despite this financial hit, Dany Garcia confirmed the league’s financial stability. “We’re extremely well-capitalized for the long-term,” said Garcia, the XFL’s chair. “This is our new WWE. The next massive live property.”
“Next season, the league projects $100 million in revenue, said people familiar with its finances.”
Gerry Cardinale, the founder of XFL co-owner RedBird Capital, displayed unwavering optimism and set a high bar for the league’s prospects: “I’m a contrarian investor constantly looking for arbitrage,” Cardinale told Forbes. “And the arbitrage of the XFL: no one has done it right before.”
He also added that he expects the XFL to become cash-flow positive by 2027 and even surpass Major League Soccer to become the fifth-biggest sports league in the United States.
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Dwayne “The Rock” Johnson, who now has a controlling interest in the XFL and is looking to not only grow its following, but turn it profitable.
“This is not just an endeavor that’s going to fill up a portfolio and one day we flip it and we’re out,” Johnson told Forbes. “This is legacy. This is the long game.”
As you know, this is the third iteration of the XFL, with the first coming in 2001. The first version was beloved but they also had poor attendance, low ratings, and high operating costs.
The second version was off to a tremendous start, but a global pandemic would force the league to shut its doors.
If the XFL comes back for a second season, and it’s looking like it will, this will be the first time it has happened on a third try.
