WWE Chairman Vince McMahon has sold approximately $270 million in stock of the wrestling company, to help fund his new football venture: the XFL.
According to the WWE's official filings with the Security and Exchange Commission, McMahon sold 3,204,427 shares of his WWE stock, with the money going towards his new company Alpha Entertainment, which owns the XFL.
""The shares sold by Mr. McMahon represent approximately 4.1 percent of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 28,682,94 shares of the Company’s Class B common stock, which represents approximately 80.1 percent of the Company’s total voting power and approximately 36.8 percent of the Company’s total outstanding shares of common stock."
This is the biggest sale McMahon has made to help re-start the football league.
In December 2017, he sold 3.34 million shares for an estimated $100 million and sold a further 306,000 shares last November for $50 million.
The original XFL launched in 2001 and was an objective failure, costing NBC and WWE an estimated $70 million.
The rebooted league will begin in 2020, with Oliver Luck serving as XFL Commissioner.
Four out of the eight teams already have head coaches announced, including Oklahoma Sooners legend Bob Stoops, who will oversee the Dallas team.