Former WWE CEO Vince McMahon remains the wrestling organization’s controlling shareholder. Plans to return to the company to “fully capitalize” on upcoming media rights negotiations, he announced Thursday.
McMahon, 77, retired over the summer after allegations of sexual misconduct involving non-disclosure agreement payments. Although McMahon used personal funds for the NDA payments, he failed to record the expenses, which totaled $19.6 million.
After McMahon left, his daughter, Stephanie McMahon, and Nick Khan, a longtime CAA agent, assumed the roles of co-CEOs. In his announcement, Vince McMahon said he is seeking chair seats to reinstate former WWE co-chairmen Michelle Wilson and George Barrios as executive chairman of the publicly traded company’s board.
The move will require three existing members to vacate their board seats. The board had previously rejected McMahon’s bid to return to the company, but he retained a voting majority.
Vince McMahon Plans to Return to WWE to Explore Sale
McMahon said, “WWE is entering a turning point in its history, with upcoming media rights negotiations coinciding with industry-wide demands for quality content and live events. And more companies seeking intellectual property rights on their platforms. are demanding.”
He added: “My withdrawal will allow WWE, as well as any transactional counterparties, to engage in these processes, knowing they will have the support of the controlling shareholder.”
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WWE’s rights deals with Fox and USA expire next year; Negotiations are expected to begin later in 2023. WWE posts its first billion-dollar revenue year in 2022. McMahon bought the company from his father in 1982 and built the WWF into the world’s premier wrestling company.
When McMahon stepped down, his son-in-law, WWE Hall of Famer Paul Michael Levesque “Triple H”, replaced him in charge of the creative direction of the company’s TV storylines.
“WWE has an exceptional management team.” McMahon said, “and I don’t want my return to affect their roles, duties, or responsibilities.”
Before the board agreed to his plans in writing, McMahon sent two letters in late December urging his return, according to the press release.
