Vince Mcmahon Returning To WWE: In order to investigate a sale of the company, former WWE CEO Vince McMahon intends to make a comeback to the professional wrestling organisation. The primary owner of WWE, McMahon, stepped down as CEO last year amid allegations of sexual misconduct, handing over leadership to his daughter Stephanie McMahon and Nick Khan, who had previously been the organization’s president.
According to the Wall Street Journal, McMahon has notified WWE that he will be appointing both himself and former WWE co-presidents and directors George Barrios and Michelle Wilson to the board. Awaiting board approval, which was withheld during a previous attempt to reinstall McMahon, McMahon intends to be designated executive chairman of WWE, where he holds majority voting power through his shares in the firm.
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Three present directors would have to leave their positions in order for McMahon, Wilson, and Barrios to be able to join the board. In a press release, McMahon stated, “WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for top-notch content and live events, as well as with more companies seeking to own the intellectual property on their platforms.
The best way for WWE to fully take advantage of this chance is for me to serve once again as Executive Chairman, assist the management group in negotiating our media rights, and combine all of this with a strategic options assessment. When I return, WWE and any other deal counterparties will be able to take part in these processes with confidence that the controlling shareholder will support them.
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In two different letters to the Board in late December, McMahon, according to the press release, “emphasised the necessity of his return to the Company as Executive Chairman and his willingness to work cooperatively with the Board and management team. Following discussions with company representatives both before and after his most recent letter, dated December 31, Mr. McMahon came to the conclusion that the actions outlined today are required to maximise value for all WWE shareholders in accordance with his rights as majority shareholder.
According to WSJ’s sources, McMahon has informed the board that “he won’t support or accept any media-rights purchase or sale unless he has direct involvement as executive chairman from the commencement of a strategic assessment.”
— Vince McMahon (@VinceMcMahon) July 22, 2022
In a response to McMahon, the WWE board reportedly said it could “initiate a review process and would welcome working with him on it,” but demanded that he “confirm his commitment to repay expenses incurred by WWE related to an investigation of the allegations and requested that he agree not to return to the company during government probes of the matter.” A Thursday request for comment from Variety received no immediate response from WWE representatives. Stay tuned to Digitalnewsexpert.com for more updates.