Vince McMahon eyes WWE return with plan to sell company
YouTube: WWEA year after leaving the WWE over allegations of hush money payments and a sexual harassment scandal, Vince McMahon may be poised to return to the company.
McMahon retired from the WWE in July 2022 after the Wall Street Journal reported that the still-majority owner had paid more than $12 million to four different women to cover up “allegations of sexual misconduct and infidelity.”
As part of the agreement, although McMahon did not relinquish financial control, he did step away from his position as CEO of the company, allowing his daughter Stephanie McMahon to succeed him.
However, a new report suggests that this retirement may be short-lived, as McMahon may be planning to return to the WWE to participate in the wrestling organization’s sale.
Vince McMahon reportedly looking to be a part of WWE sale
On January 5, the Wall Street Journal reported that McMahon, who still holds the majority voting shares of stock in the WWE, is planning to elect himself and two of his former co-presidents to the board of the WWE.
The board had previously rejected McMahon’s attempts to reinstate himself and the move would require three current members to resign or be dismissed, according to the Journal.
McMahon is said to be making this move now as the WWE begins negotiations for the sale of its media rights to a potential buyer.
According to the report, in announcing his comeback McMahon said “the only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
The WWE board of directors has not commented on this report, but CNBC has reported that the WWE’s stock prices have risen 10% in just hours after McMahon announced his intention to return.
