The professional American football league, which was conceived as a spring competitor to the NFL, filed for bankruptcy in April as the Covid-19 pandemic hit its finances.
The XFL lasted one season in its first incarnation in 2001, before McMahon invested $200m in restarting it this year.
Dwayne “The Rock” Johnson’s is set to add the title of professional sports league owner to his entertainment résumé.
XFL president Jeffrey Pollack called the Johnson and his partners “a dream team ownership group and the XFL is in the best possible hands going forward”.