An update from the Wall Street Journal concerning Vince McMahon.
Former Chairman and CEO of WWE, Vince McMahon is still the majority owner of the sports-entertainment company. He resigned from his roles in the summer of 2022 amid hush money, sexual harassment and assault allegations.
According to a new write-up from the Wall Street Journal, McMahon is plotting a return to WWE. The outlet noted that people familiar with the matter at hand have learned that McMahon told WWE he is electing himself and former co-Presidents, George Barrios and Michelle Wilson, back to the board.
McMahon has majority voting power through his ownership of WWE’s Class-B stock. In order for McMahon to be reinstated, which the board has rejected once already, will require three current directors to vacate their positions so that Vince, Barrios and Michelle can come aboard.
As of this writing, Stephanie McMahon and Nick Khan are co-CEOs of WWE. In late December, Vince sent a letter to the company which expressed his desire to return. Per those familiar with the situation, Vince feels there is a narrow window to kick off the sales process for the media rights negotiations.
The board responded to Vince via a letter and let him know that they’d be prepared to initiate a review process and would be open to him working on that. But, it was agreed on that McMahon coming back would not be in the best interests of the shareholders.
McMahon also told the board that he is willing to complete any reimbursement for expenses related to the investigation centered around him, to the extent they aren’t covered by insurance. He did not agree with the note of not returning to WWE.
He expressed that unless he has direct involvement as Executive Chairman, he will not support or approve any media rights sales.
