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Vince McMahon intends to rejoin WWE. Vince McMahon, the former CEO, intends to return to WWE, but only to sell the company he has built into a major global entertainment powerhouse. American professional wrestling organization WWE has reportedly been sold to Saudi Arabia’s Public Investment Fund on Wednesday morning, according to reports. Let’s see why he is being sold by Vince McMahon and the reason for his comeback in detail.
The return of Vince McMahon
American professional wrestling organization WWE has reportedly sold to the Public Investment Fund of Saudi Arabia on Wednesday morning, according to reports.
After Stephanie McMahon announced her retirement from the company and the return of her father Vince McMahon as chairman of the board, reports began to circulate.
According to the Wall Street Journal, McMahon, who continues to own the majority of WWE stock, announced Thursday that he is “voting himself and two previous co-presidents and directors, Michelle Wilson and George Barrios, to the board.” Three of the current directors will reportedly have to resign to make way.
McMahon, 77, announced his retirement in the summer of 2022 amid allegations of sexual misconduct. He is also accused of using his funds to pay $19.6 million in nondisclosure agreement fees while failing to list those expenses as personal expenses.
Why is WWE being sold by Vince Mcmahon?
McMahon has tried to return before, but the board rejected those efforts. This time is different. In a statement, McMahon said, “WWE is entering a critical moment in its history with upcoming media rights negotiations that coincide with increased industry-wide demand for quality content and live events and with more companies wanting to own the intellectual property on their platforms. “ ESPN quoted McMahon as saying.
He also said that “my return will allow WWE, as well as all parties to the deal, to engage in these processes knowing that they will have the support of the majority shareholder.”
Since McMahon retired, Nick Khan and Stephanie McMahon have acted as co-CEOs of WWE. However, he may not have a problem with their management as much as he wants a chance to leave WWE on his terms.
According to McMahon, his decision to resign last year was influenced in part by “bad advice from people close to him to step down,” the Wall Street Journal reported.
Vince McMahon’s statement
Vince McMahon wrote the following to the WWE Board of Directors on December 20: “Stephanie McMahon, the current president of WWE, has my full support. She is also a co-executive director alongside Nick Hahn and WWE Chief Content Officer Paul “Triple H” Levesque.
“Stephanie, Nick, Paul and the rest of the management team have my full and unconditional support, and as executive chairman I would support them to facilitate unified, efficient and effective decision-making during this important period in the company’s history.” “
Up until now, Vince McMahon’s statements have been about wanting to sell WWE, and he also said that “WWE has an outstanding management team and I do not intend for my return to impact their roles, duties or responsibilities.”
The resignation of Stephanie McMahon
Stephanie McMahon resigned from her role as co-CEO of WWE earlier this morning. Before her father’s return last Friday, she was chairman of the company. While Nick Hahn is currently the sole CEO of WWE, Stephanie shares co-CEO responsibilities with him.
Paul “Triple H” Levesque, Stephanie’s husband and former wrestler, will continue to work for the organization. Since Vince stepped down as WWE chairman last year, The Game has served as the company’s chief content officer.
Stephanie McMahon said in an official statement, “I am confident that WWE is in the best place to continue to deliver outstanding creative content and drive maximum shareholder value. The leadership of Nick and Paul “Triple H” Levesque as Chief Content Officer.
“Because WWE is in such good shape, I have chosen to resume my leave of absence and go one step further by submitting a written resignation. I’m excited to support WWE from the other side of the industry where I started as a young fan.
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