The XFL and the USFL football leagues formally announced their plans to merge on Thursday, pending customary regulatory approval.

Here's the official press release:

XFL AND USFL ANNOUNCE INTENT TO MERGE

NEW YORK – September 28, 2023 – Today, the United States Football League (“USFL”) and the XFL announced their intention to merge.

Subject to customary regulatory approvals and if the transaction is consummated, the new league will establish best-in-class operations based on the most recent seasons of both leagues. This historic combination will anchor professional spring football with substantial capabilities and resources to ensure future growth and continue to enhance the development of the collective players, coaches, and staff that are coming together.

More details regarding the new league will be announced at a later date.

Earlier this month, Axios broke the news that the XFL was in 'advanced talks' to merge with the USFL. Both companies are secondary football leagues that play in the spring after the NFL has completed their season.

The report indicated that the leagues hoped to complete the merger before the 2024 seasons begin. Last year, the XFL began their season the week after the Super Bowl, while the USFL started further into the spring. The merger could be announced as early as this week.

The XFL was purchased by The Rock and Dani Garcia following the pandemic and after the league folded for a second time in 2020. The XFL had been owned by Vince McMahon. The league made it's debut in 2001 and lasted for one season before be revived again in 2020.

In the first year under The Rock ownership, the league completed a full season with the Arlington Renegades winning the championship.

The USFL is owned by Fox and began in 2022.