STAMFORD, Conn./EAST RUTHERFORD,N.J.--Aug. 3, 2000--The XFL, a new professional football league jointly owned by WWE Entertainment, Inc. (NMS:WWE) and NBC, announced today that a New York/New Jersey-based (NY/NJ) team will be one of eight scheduled teams to kick off the inaugural season.

The NY/NJ team - still to be named - will play its five regular-season home games at Giants Stadium, which currently houses the New York Jets and New York Giants of the NFL and Major League Soccer's NY/NJ Metro Stars.

Additionally, XFL announced that Drew Pearson, star wide receiver with the Dallas Cowboys, will serve as the team's vice president and general manager.

"It's great to have a charter XFL team in the world's sports and media capital," said Basil V. DeVito, Jr., President of the XFL. "Drew Pearson is very popular and respected in the football world and will be a perfect fit for this team."

Pearson, a 1973 free agent signee, played his entire 11-year NFL career with the Dallas Cowboys. A native of South River, N.J., Pearson played in three Super Bowls (X, XII, XIII) and was a three-time NFL All-Pro (1974,'76-77). For his dominance on the gridiron, Pearson, 49, was selected to the Pro Football Hall of Fame's All-Decade Team of the `70's and named one of the Top 20 Pro Football All-Time Leading Receivers. In 1980 Pearson was selected the NFL Man of the Year, for his outstanding achievements on and off the field.

After retiring from the NFL, Pearson held coaching positions with the Dallas Cowboys (1985) and the Dallas Texans of the Arena Football League (1991).

Currently, Pearson is Chairman and CEO of Drew Pearson Marketing, Inc. (DPM), the world's largest black owned licensed sports and character apparel manufacturer. DPM earned the honor of Black Enterprises' 1994 Company of the Year and was ranked as the 15th largest black owned businesses in the U.S.

Forward-Looking Statements: This news release contains forward-looking statements, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, food and beverage, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; and other risks and factors identified in the Company's Prospectus dated October 18, 1999 and other documents filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.