The XFL and USFL said Thursday that the two spring football leagues plan to merge and begin play next year.

In a joint statement, the XFL and USFL said the merger will be subject to customary regulatory approvals.

"If the transaction is consummated, the new league will establish best-in-class operations based on the most recent seasons of both leagues," the leagues said. "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."

The XFL is owned by movie star Dwayne "The Rock" Johnson and his ex-wife, Dany Garcia, while the USFL is under the ownership of Fox Corp.

Johnson and Garcia led the ownership group that purchased the XFL for $15 million from longtime WWE chairman Vince McMahon, who owned the original version of the league that folded in 2001 and oversaw its 2020 relaunch that was suspended midseason because of the COVID-19 pandemic.

Despite entering bankruptcy under McMahon, the XFL played a full 2023 season under the ownership of Johnson and Garcia.

The USFL first operated for three seasons from 1983 to 1985 before folding and relaunching in 2022.

Information from Reuters was used in this report.