VINCE MCMAHON Is Looking To offload WWE
Because of the hush money controversy from last year, Vince McMahon was forced to resign from every position inside WWE. However, rumors surfaced a few weeks ago claiming that Vince regrets his choice to retire because he believes everything would have calmed down by now and that his loved ones misled him.
According to a recent Wall Street Journal article, Vince is now preparing to go back to WWE and sell the business.
McMahon has informed the higher-ups in WWE that he is appointing himself as well as two previous co-Presidents and Directors, Michelle Wilson and George Barrios, to the Board. McMahon still holds the majority of voting power in WWE. Three present Directors will have to resign in order for this change to take effect.
Given that WrestleMania 39 is only a few months away, this is a pretty intriguing situation. We’ll keep you informed on this.
WWE’s co-CEOs at the moment are Stephanie McMahon and Nick Khan, with Triple H serving as CCO.
According to the Wall Street Journals Lauren Thomas.
“Mr. McMahon, who has majority voting power through his ownership of WWE’s Class-B stock, has told the company that he is electing himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to the board, the people said. The move to reinstate Mr. McMahon, which the board previously rebuffed, and the others will require three current directors to vacate their positions.”
McMahon confirmed his intentions in a statement and said he “expects to assume the role of Executive Chairman of the Board”:
“Mr. McMahon’s new role will enable unified decision-making through the Company’s upcoming media rights negotiations and a parallel full review of the Company’s strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry. As Mr. McMahon has communicated to the Board, he believes there is a narrow window of opportunity to create significant value for all shareholders and that to do so, the strategic alternatives review must occur in tandem with the media rights negotiations. He also expressed to the Board that he believes these two initiatives require Mr. McMahon’s direct participation, leadership, and support as controlling shareholder.”
McMahon’s departure came after the Wall Street Journal published multiple stories detailing payments totaling $12 million to resolve allegations of sexual misconduct. The Journal‘s Ted Mann and Joe Palazzolo reported on July 25 the Securities and Exchange Commission and federal prosecutors were looking into the settlements because the settlements weren’t reflected in WWE’s official accounting.
Thomas’ report and McMahon’s statement both emphasize WWE’s upcoming media rights deals as a driving force behind his attempted comeback.
