Last year WWE went through some major changes as it was revealed that Vince McMahon had paid millions of dollars to suppress allegations of sexual misconduct. It was later announced that Vince McMahon stepped down as CEO and Chairman of WWE and then he eventually retired. However, it doesn’t sound like Vince wants to be done with the business.
Now the Wall Street Journal is reporting that Vince McMahon is currently planning to return to WWE following his retirement in 2022. People familiar with the situation are claiming that Vince McMahon plans to pursue a sale of WWE.
McMahon holds majority voting power through his Class-B stock and he has reportedly told the company that he is electing himself and former co-presidents and directors, Michelle Wilson and George Barrios, to the WWE Board of Directors. The move will see Vince McMahon get reinstated and three other directors will be required to vacate their positions. It’s being said that McMahon expects that he would be able to assume the role of executive chairman, but that would have to be approved by the board.
Vince McMahon reportedly sent a letter to the board last month detailing his desire to help spearhead a strategic review process. People close to the situation have said that Vince believes there’s a narrow window to sell the company as negotiations are coming up for the media rights for Raw and SmackDown. McMahon believes that due to the evolving media landscape more companies are looking to own intellectual property for their streaming services which makes WWE attractive for a potential takeover as the company is valued at just over $5 billion.
The board reportedly responded to Vince McMahon’s letter and noted that they would welcome the opportunity to work with McMahon on a review process, but it was unanimously agreed that Vince returning to the business would not be in the best interest of the shareholders. Vince was also asked by the board to confirm his commitment to repay expenses incurred by the company related to his investigation and also requested that he agree not to return during any government probes looking into the matter. McMahon reportedly said he’s willing to work toward completing any reimbursement for reasonable expenses related to investigation. However, he declined in regard to him agreeing not to return to the company.
Vince has told the board that he won’t support or approve any media rights deal or sale unless he is directly involved with the strategic review as the executive chairman. Stay tuned for more updates as they become available.
