Vince McMahon has a plan.
According to Lauren Thomas of the Wall Street Journal, Vince McMahon is planning to return to the company and pursue a sale of the business. McMahon has reportedly told the company that he is electing himself and former co-presidents and directors, Michelle Wilson and George Barrios, to the board, both of which left WWE in January 2020 as part of a “management transition.” They were named Co-Presidents of the company in 2018. This move will require three current directors to vacate their positions.
Previous attempts for Vince McMahon to be reinstated have been rebuffed by the board and he will need board approval if he assumes the role as executive chairman, which he reportedly expects to do. McMahon still has majority voting power due to his ownership of WWE Class B stock. The report goes on to state the board responded last month in a letter to Mr. McMahon that it was prepared to initiate a review process and would welcome working with him on it. It was reportedly unanimously agreed that Mr. McMahon’s return to the business wouldn’t be in shareholders’ best interest.
McMahon has reportedly communicated to the board that unless he has direct involvement as executive chairman from the outset of a strategic review, he won’t support or approve any media-rights deal or sale. WWE media rights for WWE Raw and WWE SmackDown are reportedly set to be negotiated in the near future as the contracts for both shows end in 2024. Vince said in response to the board asking to confirm his commitment to repay expenses incurred by WWE related to an investigation of the allegations that he remains willing to continue working to complete any reimbursement for reasonable expenses related to the investigation, to the extent they aren’t covered by insurance. He reportedly declined to agree to not return to the company.
Vince Mcmahon reportedly said in the past that he received bad advice from people close to him last year to step down and he planned to return.
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