Dwayne Johnson is part of a group that has agreed to purchase the XFL for approximately $15 million.
The XFL declared Chapter 11 bankruptcy April 13 and has been seeking a buyer for the past three months.
It is unclear when Johnson and his investors, who also include his business partner and ex-wife Dany Garcia along with RedBird Capital Partners, plan to revive the league.
The XFL has twice shuttered after one season, first in 2001 and earlier this year as a result of the pandemic.
"The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that's rooted deeply in two things -- my passion for the game and my desire to always take care of the fans," said Johnson, who played football at the University of Miami from 1990-94. "With pride and gratitude for all that I've built with my own two hands, I plan to apply these callouses to the XFL, and look forward to creating something special for the players, fans, and everyone involved for the love of football."