Vince McMahon, the former CEO of WWE, plans to return to the wrestling company after stepping in as Executive Chairman scandalous retirement, he announced in a statement.
As a reminder, McMahon last year suddenly announced his retirement from WWE on Twitter while he was under investigation for paying several women within the company $12 million to keep quiet about alleged sexual matters. After his retirement, the company announced that Vince’s daughter, Stephanie McMahon, would serve as his successor CEO and Chairman of Wrestling Promotion. Shortly after, the company announced that Stephanie’s husband, Paul “Triple H” would be Levesque control over WWE’s creative storylines.
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According to a report by The Wall Street Journalthe reason McMahon wants to return to the company as Executive Chairman is so he can help lead a strategic review process and leverage a narrow window of opportunity to initiate a sales process given the media rights to WWE shows Monday night Raw and Friday night smackdown should be renegotiated. People close to the situation said so WSJ that McMahon, when not directly involved in the strategic review of WWE shows as the organization’s executive chairman, will not endorse or approve any deal or sale of media rights to any streaming or network platform.
Last month, the WWE Chairman replied to McMahon in a letter, saying he was willing to work with him as he worked out the verification process for the sale of Smackdow’s intellectual propertyn and Raw. However, sources familiar with the correspondence between McMahon and WWE shared this WSJ that the board unanimously agreed that McMahon’s return to the company would not be in the best interests of shareholders.
told people close to the situation WSJ the McMahon expects to take on the role of CEO, but he needs board approval to do so. The WWE Board of Directors also asked McMahon to confirm his commitment to reimburse WWE for expenses incurred in connection with an investigation into the allegations against him and that he agrees not to return to WWE pending a government investigation into his alleged misconduct. According to WSJMcMahon agreed to pay the refunds as long as they were not covered by insurance, but refused to agree not to return to the company.
my city has reached out to WWE for comment.
