A fresh SEC filing has unveiled Vince McMahon's possible intention to distance himself from WWE, following its merger with Endeavor, the parent company behind UFC. This comes amidst an ongoing federal investigation into McMahon, initiated by a subpoena from a federal grand jury on July 17th. As of now, McMahon faces no formal charges regarding accusations of sexual misconduct and infidelity, which trace back to 2006.
Legal expert Jacob Frenkel, who serves as the Chair of Dickinson Wright's Government Investigations & Securities Enforcement Practice Group, previously pointed out that McMahon could potentially face legal repercussions that might force him to relinquish his role in WWE.
Post-merger, McMahon owns a staggering 28.84 million shares in TKO, currently estimated to be worth $3 billion. While he holds significant ownership, he is not the majority shareholder.
According to AXIOS, regulatory documents from TKO reveal that McMahon’s unique stock registration allows him to circumvent the lock-up period affecting other shareholders like Endeavor and Silver Lake. An earlier SEC filing from TKO also suggested that McMahon, along with two other executives, could be "selling stockholders in this offering," hinting at McMahon's potential future departure from the company.
TKO has openly acknowledged in its regulatory filings that McMahon's board membership could result in negative media attention and potentially harm the company's financial and operational status.
Recently, McMahon was seen using a cane for mobility and to address WWE staff, following spinal surgery he had during the summer months.
⚡ WWE RAW and NXT Likely to Leave USA Network
WWE has been actively discussing its media rights, casting doubt on SmackDown's future on FOX. In a new development, WWE has officially anno [...]— Ben Jordan Kerin Sep 21, 2023 12:44PM
Follow us on X @WNSource
LIKE us on Facebook
⚡ News tip? Email firstname.lastname@example.org