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102-650: United Football League (2024–present) The San Antonio Brahmas are a professional American football team based in San Antonio, Texas . The Brahmas compete in the United Football League (UFL) as a member of the XFL Conference . The team is owned-and-operated by Dwayne Johnson 's Alpha Acquico and Fox Corporation . The Brahmas play their home games at the Alamodome . The Brahmas have

204-605: A combined season to begin March 30, 2024. The merger was formally announced on Fox NFL Sunday on December 31, 2023. The eight surviving teams were announced the following day on College GameDay , along with the alignment; the XFL and USFL will survive as separate conferences . Daryl Johnston would note in February that maintaining the XFL and USFL conferences as separate entities was designed to build an on-field rivalry between

306-689: A monopoly ", and the Hart–Scott–Rodino Act requires notifying the U.S. Department of Justice 's Antitrust Division and the Federal Trade Commission about any merger or acquisition over a certain size. An acquisition/takeover is the purchase of one business or company by another company or other business entity. Specific acquisition targets can be identified through myriad avenues, including market research, trade expos, sent up from internal business units, or supply chain analysis. Such purchase may be of 100%, or nearly 100%, of

408-581: A trademark for the United Football League name. An unrelated United Football League , founded by Bill Hambrecht , had played four abbreviated seasons from 2009 to 2012 . McMahon ultimately did not use the UFL trademark, as response to the ESPN Films 30 for 30 documentary "This Was the XFL" in 2017 showed that the XFL brand was still viable, and in February 2020, McMahon relaunched

510-405: A business retain just a handful of key players that would have otherwise left. Organizations should move rapidly to re-recruit key managers. It's much easier to succeed with a team of quality players that one selects deliberately rather than try to win a game with those who randomly show up to play. Mergers and acquisitions often create brand problems, beginning with what to call the company after

612-569: A business, which accrues to both categories of stakeholders, is called the Enterprise Value (EV), whereas the value which accrues just to shareholders is the Equity Value (also called market capitalization for publicly listed companies). Enterprise Value reflects a capital structure neutral valuation and is frequently a preferred way to compare value as it is not affected by a company's, or management's, strategic decision to fund

714-566: A change in contract structure. Houston Roughnecks Head Coach Wade Phillips replaced Ward, a maneuver that would allow the Roughnecks identity to be cleared and used for the former Houston Gamblers . In September 2023, Axios reported that the XFL was in advanced talks with the USFL to merge the two leagues prior to the start of their 2024 seasons. On September 28, 2023, the XFL and USFL announced their intent to merge with details surrounding

816-524: A franchise regular season record of 11-11 (.500), the highest win percentage among UFL teams as of its 2024 season . The XFL played its first season in 2020 with eight teams, as a reboot to the league of the same name that played in 2001. After five games, it was suspended due to the COVID-19 pandemic . Prior to the league's April bankruptcy, the XFL had begun discussions with San Antonio to relocate one of its eight teams there. It had been unavailable as

918-473: A function of their acquisition activity. Therefore, additional motives for merger and acquisition that may not add shareholder value include: The M&A process itself is a multifaceted which depends upon the type of merging companies. The M&A process results in the restructuring of a business's purpose, corporate governance and brand identity. An arm's length merger is a merger: ″The two elements are complementary and not substitutes. The first element

1020-656: A hub in Arlington, Texas . For the 2023 season, the USFL average viewership in 2023 was down 16% from its debut season to 601,000 and 3% lower than the 2023 XFL season , despite having 28 over-the-air network games compared to eight for the XFL . The championship game also saw a significant decline in viewership from 2022 as the game averaged 1.2 million viewers across NBC, Peacock, and NBC Sports digital platforms. USFL President Daryl Johnston expressed disappointment and anger that

1122-467: A hybrid species cross-bred from sacred zebu and American cattle that Johnson has long used as a personal mascot. The XFL Brahmas team jerseys were revealed on December 8; their uniforms will be yellow-gold and grey. In the 2023 XFL Draft , the Brahmas were allocated quarterbacks Jawon Pass and Anthony Russo and used their top pick to select running back Jacques Patrick . On February 22, 2023,

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1224-433: A larger and/or longer-established company and retain the name of the latter for the post-acquisition combined entity. This is known as a reverse takeover . Another type of acquisition is the reverse merger , a form of transaction that enables a private company to be publicly listed in a relatively short time frame. A reverse merger is a type of merger where a privately held company, typically one with promising prospects and

1326-579: A legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction between the two is not always clear. Most countries require mergers and acquisitions to comply with antitrust or competition law . In the United States , for example, the Clayton Act outlaws any merger or acquisition that may "substantially lessen competition" or "tend to create

1428-452: A lot of guys who are at peace that their NFL window has closed, but they love the camaraderie of the locker room. They love the day-to-day grind... That's been the really inspiring thing to me, is there is a number of guys in our league who just love the game and want to keep playing it as long as they can. Players that have three or four years in the NFL and want to kind of rewrite that narrative,

1530-586: A market at the time of the league's launching due to the Alliance of American Football placing the San Antonio Commanders (that league's best-attended team) there, and because of the XFL's policy at the time of preferring cities that already had NFL franchises. After XFL founder Vince McMahon sold the league to a consortium led by businesswoman Dany Garcia and her ex-husband, business partner, and former WWE wrestler Dwayne Johnson , and

1632-530: A matchup between the 2023 XFL champion Arlington Renegades and the 2023 USFL champion Birmingham Stallions . It concluded with the 2024 UFL Championship Game between the Stallions and the San Antonio Brahmas on June 16. The UFL exceeded internal expectations for the 2024 season, with Fox Sports executive Eric Shanks commenting that, though the league still lost money, it was "ahead of

1734-426: A merger or acquisition transaction can range from political to tactical. Ego can drive choice just as well as rational factors such as brand value and costs involved with changing brands. Beyond the bigger issue of what to call the company after the transaction comes the ongoing detailed choices about what divisional, product and service brands to keep. The detailed decisions about the brand portfolio are covered under

1836-444: A need for financing, acquires a publicly listed shell company that has few assets and no significant business operations. The combined evidence suggests that the shareholders of acquired firms realize significant positive "abnormal returns," while shareholders of the acquiring company are most likely to experience a negative wealth effect. Most studies indicate that M&A transactions have a positive net effect, with investors in both

1938-423: A single-campus bubble format since 2017. The XFL had funded The Spring League's 2019 season to test rule changes and were holding discussions about a potential affiliation between the two leagues before the bankruptcy. Fox aired the autumn 2020 and spring 2021 seasons of The Spring League. Following the 2021 season, Woods and Fox announced they had acquired the trademarks of the original 1980s incarnation of

2040-434: A situation where one company splits into two, generating a second company which may or may not become separately listed on a stock exchange. As per knowledge-based views, firms can generate greater values through the retention of knowledge-based resources which they generate and integrate. Extracting technological benefits during and after acquisition is an ever-challenging issue because of organizational differences. Based on

2142-550: A special committee of independent directors; and 2) conditioned on an affirmative vote of a majority of the minority stockholders, the business judgment standard of review should presumptively apply, and any plaintiff ought to have to plead particularized facts that, if true, support an inference that, despite the facially fair process, the merger was tainted because of fiduciary wrongdoing.″ A Strategic merger usually refers to long-term strategic holding of target (Acquired) firm. This type of M&A process aims at creating synergies in

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2244-468: A total value of US$ 2,164.4 bil. Some of the largest mergers of equals took place during the dot-com bubble of the late 1990s and in the year 2000: AOL and Time Warner (US$ 164 bil.), SmithKline Beecham and Glaxo Wellcome (US$ 75 bil.), Citicorp and Travelers Group (US$ 72 bil.). More recent examples this type of combinations are DuPont and Dow Chemical (US$ 62 bil.) and Praxair and Linde (US$ 35 bil.). An analysis of 1,600 companies across industries revealed

2346-408: A week. Players on injured reserve will receive $ 2,500 a week (plus house stipend). UFL players will also be entitled for "players accolade bonuses" for Player of the week ($ 1,000), All UFL ($ 2,500), Player of the year ($ 5,000), and MVP ($ 7,500). The overall league player budget is $ 24 million. Mike Pereira and Dean Blandino are in charge of the UFL's officiating and rules. The league rulebook

2448-588: A weekly multi-platform post-game show. Both ESPN and Fox will carry audio simulcasts of their coverage on their Sirius XM Radio feeds, ESPN Xtra and Fox Sports Radio , respectively. Beginning in the 2025 season, Fox will include the UFL as a permanent part of its Friday night schedule . Informational notes Mergers and acquisitions Technically, a merger is the legal consolidation of two business entities into one, whereas an acquisition occurs when one entity takes ownership of another entity's share capital , equity interests or assets . From

2550-456: Is friendly or hostile . Achieving acquisition success has proven to be very difficult, while various studies have shown that 50% of acquisitions were unsuccessful. "Serial acquirers" appear to be more successful with M&A than companies who make acquisitions only occasionally (see Douma & Schreuder, 2013, chapter 13). The new forms of buy out created since the crisis are based on serial type acquisitions known as an ECO Buyout which

2652-478: Is a co-community ownership buy out and the new generation buy outs of the MIBO (Management Involved or Management & Institution Buy Out) and MEIBO (Management & Employee Involved Buy Out). Whether a purchase is perceived as being "friendly" or "hostile" depends significantly on how the proposed acquisition is communicated to and perceived by the target company's board of directors, employees, and shareholders. It

2754-426: Is a triangular merger, where the target company merges with a shell company wholly owned by the buyer, thus becoming a subsidiary of the buyer. In a "forward triangular merger ", the target company merges into the subsidiary, with the subsidiary as the surviving company of the merger; a "reverse triangular merger" is similar except that the subsidiary merges into the target company, with the target company surviving

2856-425: Is between two competitors in the same industry. A vertical merger occurs when two firms combine across the value chain, such as when a firm buys a former supplier (backward integration) or a former customer (forward integration). When there is no strategic relatedness between an acquiring firm and its target, this is called a conglomerate merger (Douma & Schreuder, 2013). The form of merger most often employed

2958-399: Is combined into another entity by operation of the corporate law statute(s) of the jurisdiction of the merging entities. In a transaction structured as a merger or an equity purchase, the buyer acquires all of the assets and liabilities of the acquired entity. In a transaction structured as an asset purchase, the buyer and seller agree on which assets and liabilities the buyer will acquire from

3060-425: Is complete, the parties may proceed to draw up a definitive agreement, known as a "merger agreement", "share purchase agreement," or "asset purchase agreement" depending on the structure of the transaction. Such contracts are typically 80 to 100 pages long and focus on five key types of terms: Following the closing of a deal, adjustments may be made to some of the provisions outlined in the purchase agreement, such as

3162-426: Is important because the directors have the capability to act as effective and active bargaining agents, which disaggregated stockholders do not. But, because bargaining agents are not always effective or faithful, the second element is critical, because it gives the minority stockholders the opportunity to reject their agents' work. Therefore, when a merger with a controlling stockholder was: 1) negotiated and approved by

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3264-412: Is normal for M&A deal communications to take place in a so-called "confidentiality bubble," wherein the flow of information is restricted pursuant to confidentiality agreements. In the case of a friendly transaction, the companies cooperate in negotiations; in the case of a hostile deal, the board and/or management of the target is unwilling to be bought or the target's board has no prior knowledge of

3366-415: Is possible only when resources are exchanged and managed without affecting their independence. A corporate acquisition can be structured legally as either an "asset purchase" in which the seller sells business assets and liabilities to the buyer, an "equity purchase" in which the buyer purchases equity interests in a target company from one or more selling shareholders or a "merger" in which one legal entity

3468-464: Is provided by full-service investment banks- who often advise and handle the biggest deals in the world (called bulge bracket ) - and specialist M&A firms, who provide M&A only advisory, generally to mid-market, select industries and SBEs. Highly focused and specialized M&A advice investment banks are called boutique investment banks . The dominant rationale used to explain M&;A activity

3570-487: Is that acquiring firms seek improved financial performance or reduce risk. The following motives are considered to improve financial performance or reduce risk: Megadeals—deals of at least one $ 1 billion in size—tend to fall into four discrete categories: consolidation, capabilities extension, technology-driven market transformation, and going private. On average and across the most commonly studied variables, acquiring firms' financial performance does not positively change as

3672-477: The COVID-19 pandemic and declared bankruptcy in April. Later that year, McMahon sold the league to a consortium led by businesswoman Dany Garcia , Garcia's ex-husband and former WWE wrestler Dwayne Johnson (also known as "The Rock"), and private equity firm RedBird Capital Partners . The XFL chose not to play a 2021 season (most gathering restrictions would not be lifted until spring of that year) and cancelled

3774-534: The Hudson's Bay Company merged with the rival North West Company . The Great Merger Movement was a predominantly U.S. business phenomenon that happened from 1895 to 1905. During this time, small firms with little market share consolidated with similar firms to form large, powerful institutions that dominated their markets, such as the Standard Oil Company , which at its height controlled nearly 90% of

3876-492: The Lone Star Showdown ). Chase Garbers Quinten Dormady 2024–present 2024–present John Lovett 2024–present Jontre Kirklin 2024–present Teez Tabor Tenny Adewusi 2024–present 2023 The Brahmas are the first professional football team in San Antonio since the San Antonio Commanders of the Alliance of American Football in 2019, who averaged over 28,000 fans per game. The Brahmas join

3978-717: The San Antonio Spurs and San Antonio FC as professional sports teams in San Antonio. The Brahmas also join the San Antonio Gunslingers as football teams located in San Antonio. See also: List of museums in Central Texas United Football League (2024) The United Football League ( UFL ) is a professional American football high-level minor league which started play in March 2024. The league

4080-602: The United States Football League and would be launching a reboot of the USFL in spring 2022. The 2022 USFL season , though its eight teams nominally bore the names of eight former USFL franchises including their cities, continued to use the bubble format with all eight teams based in Birmingham, Alabama , in the 2022 season. The playoffs were held in Canton, Ohio . Woods eventually backed out of

4182-408: The merger to be announced at a later date. The merger would also require regulatory approval. In October 2023 the XFL filed a trademark application for the name "United Football League" . On November 30, 2023, Garcia announced via her Instagram page that the leagues had received regulatory approval for the merger and were finalizing plans for a " combined season " to begin March 30, 2024. The merger

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4284-498: The 2022 season after partnership discussions with the Canadian Football League collapsed without any agreement in fall 2021. While the XFL was on hiatus, Fox Sports —which had been one of the XFL's broadcast partners along with ESPN in 2020—entered a partnership with Brian Woods, who had been operating The Spring League (TSL) as a non-paying, pay-to-play developmental showcase for professional players under

4386-492: The 2023 XFL season, quarterbacks would not be allowed to sign for salaries higher than the other positional players. However, the UFLPA later clarified that the agreement with the league is for minimum salary only, and any player could sign a personal contract above the minimum. As late as January 2024, the league had resisted "pushback" from some of the higher-paid XFL quarterbacks to increase quarterbacks' salary, with Johnston at

4488-545: The Gamblers changed their name to the Roughnecks. Each team carries 75-men roster to training camp, then in the regular season rosters will cut down to 50 (45 active on game day). The minimum stay on injured reserve is five games, while season ending injured reserve designation guarantees player a camp invite the following season. While the UFL embraced more of a "developmental league" mentality, they are also targeting veteran backup players, with Johnston saying: "there are

4590-800: The Great Merger Movement were able to keep their dominance in their respective sectors through 1929, and in some cases today, due to growing technological advances of their products, patents , and brand recognition by their customers. There were also other companies that held the greatest market share in 1905 but at the same time did not have the competitive advantages of the companies like DuPont and General Electric . These companies such as International Paper and American Chicle saw their market share decrease significantly by 1929 as smaller competitors joined forces with each other and provided much more competition. The companies that merged were mass producers of homogeneous goods that could exploit

4692-496: The NFL, on that fringe, on that cusp". It was later announced that the XFL's previous agreement with the NFL would continue for the 2024 UFL season. The league was created as a "merger of equals", with the respective leagues' owners assuming 50% ownership of the newly formed UFL and The Walt Disney Company also holding a minority stake. RedBird Capital Partners owner Gerry Cardinale called it "a tremendous opportunity to achieve something unique. A legitimate shot at becoming one of

4794-427: The UFL announced they are officially initiating team expansion process, and they're welcoming proposals from potential markets interested in spring pro football. Four teams came from the XFL and three came from the USFL, while each league's Houston -based teams merged, maintaining the branding of the XFL's Roughnecks, and the divisional alignment, players rights and coaching staff of the USFL's Gamblers. In essence

4896-413: The UFL are held by Fox and ESPN , which held the rights to the USFL and XFL, respectively. NBC Sports , which had shared broadcast rights to the USFL with Fox Sports in 2022 and 2023, will not carry UFL games due to an increase in schedule conflicts, stemming from the proposed start date being slightly earlier than 2022 and 2023. There had been one year remaining on NBC's contract. ESPN will also air

4998-612: The UFLPA with an established union, strongly hinting not to affiliate with the United Football Players Association. The UFPA stated that it had won an election to serve as the UFL's union on October 12. UFL players' minimum salaries will be $ 5,500 per week ($ 2,500 for inactive players) and $ 150 a week toward 401K contributions, with $ 400 a week house stipend and $ 55-a-day per diem stipend during travel days. All contracts will run from January 1 to August 24. During training camp, all players will receive $ 850

5100-467: The USFL after the 2022 season. The XFL and USFL played separate, partially overlapping seasons in 2023, to roughly similar television viewership numbers. The USFL expanded to four home cities, adding Memphis, Tennessee (backed by former Memphis Mad Dogs owner Fred Smith ) and Detroit, Michigan , to Birmingham and Canton, with each city hosting two teams, while the XFL moved three of its eight teams to new cities and held all eight teams' practices at

5202-601: The USFL in 2023, continued in that capacity for the UFL for the 2024 season, operating as the United Football League Players Association . (This is not to be confused with the United Football Players Association , which Local 9004 disowned during the 2023–24 offseason.) The league will continue operating under the USFL's collective bargaining agreement . Initial reports suggested that, contrary to

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5304-488: The USFL was comparable to the XFL in ratings for the 2023 season, dismissing the XFL as "no competition" to the "far superior" USFL and musing "to be on par with our competition from a ratings standpoint in Year 2, I'm still trying to figure out: How did that happen? (...) they're not even close." The USFL was already seeking additional investors prior to the start of the 2023 season and had hired Allen & Company to assist in

5406-417: The XFL with a similar business structure (though, unlike the 2001 XFL, operated as a sole proprietorship of McMahon's separate from his professional wrestling corporation, WWE ) and an emphasis on speed and innovation. The XFL, which was largely successful with its attendance and television ratings, was forced to shut down halfway through its 2020 season in March due to stay-at-home orders imposed during

5508-425: The XFL and USFL announced their intent to merge with details surrounding the merger to be announced at a later date. The merger would also require regulatory approval. In October 2023 the XFL filed a trademark application for the name "United Football League" . On November 30, 2023, Garcia announced via her Instagram page that the leagues had received regulatory approval for the merger and were finalizing plans for

5610-652: The XFL signed a collaboration agreement with the NFL to "experiment with proposed rules, test new equipment and develop prospective officials and coaches and explore new ways to address player safety". In October 2022, the XFL announced a player personnel partnership with the Indoor Football League (IFL), with the IFL functioning as the XFL's de facto minor league. In 2023, Dwayne Johnson said that "the XFL specifically designed its schedule to give its players

5712-405: The XFL's director of communications Jeff Altstadter announced the firing of team executive Mike Sheehan. The 2023 XFL season began on February 18, 2023, and featured 40 regular season games. The Brahmas compiled an overall record of 3–7 during their inaugural season, missing the playoffs. On December 28, 2023, Ward resigned from the Brahmas after finishing with a 3–7 record in 2023, in response to

5814-450: The acquiring company's stock, issued to the shareholders of the acquired company at a given ratio proportional to the valuation of the latter. They receive stock in the company that is purchasing the smaller subsidiary. There are some elements to think about when choosing the form of payment. When submitting an offer, the acquiring firm should consider other potential bidders and think strategically. The form of payment might be decisive for

5916-512: The acquisition so the team can focus on projects for their new employer). In recent years, these types of acquisitions have become common in the technology industry, where major web companies such as Facebook , Twitter , and Yahoo! have frequently used talent acquisitions to add expertise in particular areas to their workforces. Merger of equals is often a combination of companies of a similar size. Since 1990, there have been more than 625 M&A transactions announced as mergers of equals with

6018-514: The assets and liabilities that pertain solely to the unit being sold, determining whether the unit relies on services from other parts of the seller's organization, transferring employees, moving permits and licenses, and safeguarding against potential competition from the seller in the same business sector after the transaction is completed. From an economic point of view, business combinations can also be classified as horizontal, vertical and conglomerate mergers (or acquisitions). A horizontal merger

6120-581: The assets or ownership equity of the acquired entity. A consolidation/amalgamation occurs when two companies combine to form a new enterprise altogether, and neither of the previous companies remains independently owned. Acquisitions are divided into "private" and "public" acquisitions, depending on whether the acquiree or merging company (also termed a target ) is or is not listed on a public stock market . Some public companies rely on acquisitions as an important value creation strategy. An additional dimension or categorization consists of whether an acquisition

6222-507: The best chance of latching on with an NFL team in May", while Gerry Cardinale stated that "the minor league analogy is valid, that's an important part of this." After the merger, UFL Executive VP of Football Operations Daryl Johnston refuted the notion of a "minor-league" when he said in an interview: "I don’t want to be considered a developmental league or a feeder league. We’re a professional, stand-alone football league", but he also acknowledged

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6324-446: The business either through debt, equity, or a portion of both. Five common ways to "triangulate" the enterprise value of a business are: Professionals who value businesses generally do not use just one method, but a combination. Valuations implied using these methodologies can prove different to a company's current trading valuation. For public companies, the market based enterprise value and equity value can be calculated by referring to

6426-482: The buyer and target companies seeing positive returns. This suggests that M&A creates economic value, likely by transferring assets to more efficient management teams who can better utilize them. (See Douma & Schreuder, 2013, chapter 13). There are also a variety of structures used in securing control over the assets of a company, which have different tax and regulatory implications: The terms " demerger ", " spin-off " and "spin-out" are sometimes used to indicate

6528-469: The buyer. Hence, the analysis should be done from the acquiring firm's point of view. Synergy-creating investments are started by the choice of the acquirer, and therefore they are not obligatory, making them essentially real options . To include this real options aspect into analysis of acquisition targets is one interesting issue that has been studied lately. See also contingent value rights . Mergers are generally differentiated from acquisitions partly by

6630-462: The company's current account), liquidity ratios might decrease. On the other hand, in a pure stock for stock transaction (financed from the issuance of new shares), the company might show lower profitability ratios (e.g. ROA). However, economic dilution must prevail towards accounting dilution when making the choice. The form of payment and financing options are tightly linked. If the buyer pays cash, there are three main financing options: M&A advice

6732-469: The company's share price and components on its balance sheet. The valuation methods described above represent ways to determine value of a company independently from how the market currently, or historically, has determined value based on the price of its outstanding securities. Most often value is expressed in a Letter of Opinion of Value (LOV) when the business is being valued informally. Formal valuation reports generally get more detailed and expensive as

6834-420: The content analysis of seven interviews, the authors concluded the following components for their grounded model of acquisition: An increase in acquisitions in the global business environment requires enterprises to evaluate the key stake holders of acquisitions very carefully before implementation. It is imperative for the acquirer to understand this relationship and apply it to its advantage. Employee retention

6936-430: The control of the buyer modified. If the issuance of shares is necessary, shareholders of the acquiring company might prevent such capital increase at the general meeting of shareholders. The risk is removed with a cash transaction. Then, the balance sheet of the buyer will be modified and the decision maker should take into account the effects on the reported financial results. For example, in a pure cash deal (financed from

7038-489: The developmental component. We want to get away from the opportunity component. We want to talk about the talent of the players that are in this league... (compare to) spring football that you have seen in other iterations, this will be the best talent that if you’re a fan of spring football, you will have seen in recent history". Local 9004 of the United Steelworkers , which had served as the labor union for

7140-405: The efficiencies of large volume production. In addition, many of these mergers were capital-intensive. Due to high fixed costs, when demand fell, these newly merged companies had an incentive to maintain output and reduce prices. However more often than not mergers were "quick mergers". These "quick mergers" involved mergers of companies with unrelated technology and different management. As a result,

7242-468: The efficiency gains associated with mergers were not present. The new and bigger company would actually face higher costs than competitors because of these technological and managerial differences. Thus, the mergers were not done to see large efficiency gains, they were in fact done because that was the trend at the time. Companies which had specific fine products, like fine writing paper, earned their profits on high margin rather than volume and took no part in

7344-416: The expected pace" in terms of achieving self-sustenance. Television viewership rose substantially compared to the previous season as separate leagues, while ticket sales in most cities declined, prompting the league ownership to shift investment toward local ticket sales teams. The 2025 UFL season will begin on March 28, 2025 and will conclude with the 2025 UFL Championship Game on June 14. In November 2024

7446-473: The global oil refinery industry. It is estimated that more than 1,800 of these firms disappeared into consolidations, many of which acquired substantial shares of the markets in which they operated. The vehicle used were so-called trusts . In 1900 the value of firms acquired in mergers was 20% of GDP . In 1990 the value was only 3% and from 1998 to 2000 it was around 10–11% of GDP. Companies such as DuPont , U.S. Steel , and General Electric that merged during

7548-410: The importance of an NFL partnership: "the number of people we have at the top of our league office that have connections to the NFL, I’m hoping we’re able to accelerate that process and have meaningful conversations with the NFL about what our league can provide (...) What we’re trying to do is maximize the talent and quality of play in our league. One way we can do that is having access to guys who are in

7650-422: The league and ESPN indicated that they considered the season a success. Like the USFL, the XFL was also seeking additional investors with the assistance of PJT Partners . After the season ended, the XFL made league-wide cuts affecting up to 30 people, including two marketing executives, and shifted other employees to seasonal work. Both the USFL and XFL believed that the leagues could be independently viable in

7752-469: The league at no nominal charge to save costs. In March, 2024, Under Armour announced they extended the multi-year agreement signed in 2023 with the XFL. Later that month, Michael Strahan 's MSX brand was announced as the "Official Off-Field Apparel Partner". Other UFL's sponsors include: Westgate Resorts , Progressive Insurance , PepsiCo ( Gatorade ), The Coca-Cola Company ( Simply Spiked ), CBD Kratom, and Molson Coors . Johnson and Garcia also use

7854-559: The league did not play in 2021 or 2022, it was announced the league would return for the 2023 season . In March 2022, rumors of a San Antonio XFL team again emerged after the league hired Reggie Barlow , reportedly to serve as the team's coach; Barlow instead would be assigned to the DC Defenders . The league announced in July 2022 that three teams from the 2020 would be replaced, and five would return, and that San Antonio would be among

7956-546: The league to promote their own brands, Teremana Tequila and ZOA Energy Drink. On April 6, 2024 the league announced a partnership with the United States Army , who paid an estimated $ 10 million for jersey patch sponsorship and other promotional considerations. In April Upper Deck announced they'll release "2024 UFL Game Dated Moments Cards". Source In the United States, the television rights for

8058-531: The league, citing the pay cut as a contributing factor. On an interview after the merger, Battlehawks QB AJ McCarron revealed that XFL players were in advanced talks with the National Football League Players Association (NFLPA) for exclusive representation. On August 12, 2024, the UFLPA announced that United Steelworkers had ceased representing UFL players. In a statement, the UFLPA recommended its members affiliate

8160-440: The long run by increased market share, broad customer base, and corporate strength of business. A strategic acquirer may also be willing to pay a premium offer to target firm in the outlook of the synergy value created after M&A process. The term "acqui-hire" is used to refer to acquisitions where the acquiring company seeks to obtain the target company's talent, rather than their products (which are often discontinued as part of

8262-421: The long term even if they continued to compete against each other but, by the time of the 2023 USFL championship, they had decided that setting aside the business rivalry and merging the two leagues would be even more financially advantageous. In September 2023, Axios reported that the XFL was in advanced talks with the USFL to merge the leagues prior to the start of their 2024 seasons. On September 28, 2023,

8364-440: The merger. Mergers, asset purchases and equity purchases are each taxed differently, and the most beneficial structure for tax purposes is highly situation-dependent. Under the U.S. Internal Revenue Code , a forward triangular merger is taxed as if the target company sold its assets to the shell company and then liquidated, them whereas a reverse triangular merger is taxed as if the target company's shareholders sold their stock in

8466-429: The most value from a business assessment, objectives should be clearly defined and the right resources should be chosen to conduct the assessment in the available timeframe. As synergy plays a large role in the valuation of acquisitions, it is paramount to get the value of synergies right; as briefly alluded to re DCF valuations. Synergies are different from the "sales price" valuation of the firm, as they will accrue to

8568-417: The offer. Hostile acquisitions can, and often do, ultimately become "friendly" as the acquirer secures endorsement of the transaction from the board of the acquiree company. This usually requires an improvement in the terms of the offer and/or through negotiation. "Acquisition" usually refers to a purchase of a smaller firm by a larger one. Sometimes, however, a smaller firm will acquire management control of

8670-446: The purchase price. These adjustments are subject to enforceability issues in certain situations. Alternatively, certain transactions use the 'locked box' approach, where the purchase price is fixed at signing and based on the seller's equity value at a pre-signing date and an interest charge. The assets of a business are pledged to two categories of stakeholders: equity owners and owners of the business' outstanding debt. The core value of

8772-446: The rewards for M&A activity were greater for consumer products companies than the average company. For the period 2000–2010, consumer products companies turned in an average annual TSR of 7.4%, while the average for all companies was 4.8%. Given that the cost of replacing an executive can run over 100% of his or her annual salary, any investment of time and energy in re-recruitment will likely pay for itself many times over if it helps

8874-444: The search; Fox lost an unspecified amount of money on the venture in 2023 due to the high startup expenses for a professional football league. At the same time, the XFL lost nearly $ 60 million during the season after spending approximately $ 140 million in expenses over the course of the 2023 season and earning $ 80 million in gross revenue, including roughly $ 20 million that came from its broadcast contract with ESPN . Executives with

8976-448: The seller. Asset purchases are common in technology transactions in which the buyer is most interested in particular intellectual property but does not want to acquire liabilities or other contractual relationships. An asset purchase structure may also be used when the buyer wishes to buy a particular division or unit of a company that is not a separate legal entity. Divestitures present a variety of unique challenges, such as identifying

9078-442: The seller. With pure cash deals, there is no doubt on the real value of the bid (without considering an eventual earnout). The contingency of the share payment is indeed removed. Thus, a cash offer preempts competitors better than securities. Taxes are a second element to consider and should be evaluated with the counsel of competent tax and accounting advisers. Third, with a share deal the buyer's capital structure might be affected and

9180-414: The size of a company increases, but this is not always the case as the nature of the business and the industry it is operating in can influence the complexity of the valuation task. Objectively evaluating the historical and prospective performance of a business is a challenge faced by many. Generally, parties rely on independent third parties to conduct due diligence studies or business assessments. To yield

9282-490: The target company to the buyer. The documentation of an M&A transaction often begins with a letter of intent . The letter of intent generally does not bind the parties to commit to a transaction, but may bind the parties to confidentiality and exclusivity obligations so that the transaction can be considered through a due diligence process involving lawyers, accountants, tax advisors, and other professionals, as well as business people from both sides. After due diligence

9384-670: The three new cities, ultimately replacing the LA Wildcats . The July announcement revealed San Antonio's head coach as Hines Ward and their stadium as the Alamodome . On October 31, 2022, the logo was revealed and the team name was announced as the San Antonio Brahmas. The Brahma name is of Hindu origin, coming from the Hindu creator god ; more directly, the Brahmas name comes from the American Brahman ,

9486-498: The time refusing to deviate from the plan to pay all players equally while acknowledging "there's a good argument for both sides. How do we manage this situation(...)? It's hard to thread that needle." Select XFL players, who had voted against joining the USW in 2023, expressed concern about the lack of winning bonuses (a key feature of the XFL's pay structure) and a requirement to pay union dues, while some players decided not to return to

9588-485: The top professional leagues in the country after the big four leagues ". In the event that the league, in the future, begins accepting individual team owners, it stated in 2024 that it would follow the Major League Soccer business model of buyers buying into the league itself and not separating the teams into individual business entities. The league's ownership partners each provide "business services" to

9690-658: The topic brand architecture . Most histories of M&A begin in the late 19th century United States. However, mergers coincide historically with the existence of companies. In 1708, for example, the East India Company merged with an erstwhile competitor to restore its monopoly over the Indian trade. In 1784, the Italian Monte dei Paschi and Monte Pio banks were united as the Monti Reuniti. In 1821,

9792-547: The transaction and going down into detail about what to do about overlapping and competing product brands. Decisions about what brand equity to write off are not inconsequential. And, given the ability for the right brand choices to drive preference and earn a price premium, the future success of a merger or acquisition depends on making wise brand choices. Brand decision-makers essentially can choose from four different approaches to dealing with naming issues, each with specific pros and cons: The factors influencing brand decisions in

9894-460: The two brands and to give the winner of the league's championship "bragging rights." President/CEO Russ Brandon would later say that the league would be looking at expansion shortly, while Defenders defensive coordinator Gregg Williams revealed plans to expand to 12 teams by 2025 and to 16 teams by 2026. In a May 2024 interview, Johnston stated that he did not anticipate any relocations for 2025. The 2024 UFL season began on March 30, 2024, with

9996-406: The way in which they are financed and partly by the relative size of the companies. Various methods of financing an M&A deal exist: Payment by cash. Such transactions are usually termed acquisitions rather than mergers because the shareholders of the target company are removed from the picture and the target comes under the (indirect) control of the bidder's shareholders. Payment in the form of

10098-448: The way that they’re being viewed by front office’s in the NFL, they want an opportunity to come into the UFL and change that narrative". Johnston also mentioned that the league would like to change the narrative, from "developmental league" and starting to talk about the "sustainability of spring football": "I think one of the things that we’ve started to have conversations is what do we want our new messaging to be? We do want to move off of

10200-455: Was created following the merger of the latest incarnations of the XFL and United States Football League (USFL). It consists of eight teams, all of which were members of the XFL or USFL prior to the UFL's creation, concentrated in the Midwest and Southern United States . In 2017, Vince McMahon , who had previously launched the XFL in 2001 as a partnership with NBC Sports , registered

10302-538: Was made official on December 31, 2023. Running backs Wide receivers Tight ends Defensive linemen Defensive backs Special teams Unsigned draft picks Roster updated November 21, 2024 The Brahmas are in-state rivals with the Houston Roughnecks . The rivalry is billed as the Lone Star Showdown (not to be confused with the Texas / Texas A&M collegiate rivalry also known as

10404-448: Was released February 13, 2024. Though most of the UFL's unique rules were common to both the USFL and XFL (such as allowing a second forward pass if the first does not cross the line of scrimmage, and the treatment of a fumble through the end zone the same as other forward fumbles in that it is brought back to the spot of the fumble), a limited number required compromise or were changed entirely from both leagues' rules: In February 2022,

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