Vince McMahon is reportedly angling for a return to the WWE with the intention of selling the company.
The Wall Street Journal reports McMahon told the WWE board that he plans on electing himself, as well as former co-presidents and directors Michelle Wilson and George Barrios. McMahon “sent a letter to WWE’s board in late December detailing his desire to return to the company he ran for four decades, to help spearhead a strategic-review process.”
Even though he still holds majority voting power through his stock in the company, McMahon will need to receive board approval. His previous attempts at reinstatement have fallen short. The most likely scenario that leads to McMahon, Wilson, and Barrios joining the board is three current directors would need to step down.
The motivation behind McMahon’s potential return to the WWE appears to be rooted in his desire to sell the company. The former WWE CEO “believes there is a narrow window to kick off a sales process because WWE’s media rights—including for its flagship programs Raw and SmackDown—are about to be renegotiated.”
An insider told WSJ that McMahon has pushed for “direct involvement as executive chairman from the outset of a strategic review,” threatening to oppose any sale or media rights deal, if his demand isn’t met. The board reportedly countered by welcoming him to work alongside them during the review process.
McMahon stepped down as chairman and CEO of the WWE last summer, as the board continued its investigation into misconduct allegations against him. His daughter Stephanie assumed the role on an interim basis. It was later reported that over the last 16 years, McMahon has paid $12 million to four women, all of whom were associated with the company, to prevent them from taking legal action over alleged sexual misconduct.
The board has asked McMahon to repay the undisclosed expenses incurred by the WWE from its investigation.
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