Former WWE Chairman Vince McMahon to sever final ties with wrestling promotion by selling his TKO shares and ending fifty-year association with the company…as he battles sex trafficking lawsuit
- Vince McMahon will sell his remaining shares in TKO and cut all ties with WWE
- The former chairman has worked for the wrestling promotion for more than 50 years
- McMahon resigned from TKO in January amid sex trafficking allegations
Vince McMahon will end his fifty-year association with WWE by selling his remaining shares in TKO to confirm his departure from the wrestling promotion.
On Friday, TKO filed a prospectus outlining that McMahon would sell up to 8.02 million shares he owns in the company, worth Ā£77.48 each and worth around Ā£620 million in total.
McMahon has worked for WWE since the 1960s, before eventually purchasing the company from his father and transforming it into a sports entertainment brand and the biggest name in professional wrestling – becoming a billionaire along the way.
In 2022, he briefly retired following allegations of sexual misconduct, but managed to engineer a return to the company late that year to facilitate a sale of the company.
Endeavor Group Holdings bought the company in September last year and merged it with UFC to form a new publicly traded name TKO – with McMahon as executive chairman.
Former WWE boss McMahon has put all his remaining TKO shares up for sale, worth more than Ā£500 million
By selling his shares, McMahon ends his more than fifty-year association with the company
Paul ‘Triple H’ Levesque has taken control of WWE and ushered in a new era of success
However, in January the 78-year-old was forced to resign following allegations of sex trafficking, which he has denied.
Since his departure, McMahon’s son-in-law Paul ‘Triple H’ Levesque has taken over creative leadership at WWE and has been blamed for the company’s recent boom.
WWE has seen back-to-back sold-out shows for both their live events in the US and last week’s UK tour, as well as its flagship TV productions Raw and SmackDown.
While earlier this month they shattered revenue records for WrestleMania 40, making it the biggest and most profitable WrestleMania in history.
Janel Grant is suing McMahon, WWE and another employee over sex trafficking claims
McMahon, meanwhile, is facing a lawsuit after former WWE employee Janel Grant accused the billionaire of sex trafficking, claiming he, among other things, defecated on her head during a threesome.
Grant also claimed she suffered bruising and bleeding after McMahon forcibly penetrated her with sex toys, which he named after his wrestler, and claimed McMahon and another WWE manager locked her in a room at WWE headquarters in June 2021 in Stamford, Connecticut and took turns sexually assaulting her.
The allegations led to McMahon’s departure from WWE, but his daughter Stephanie McMahon remains with the company and recently made her first public appearance since her father’s resignation when she introduced the second night of WrestleMania in Philadelphia.
Also mentioned in the prospectus was WWE Chairman Nick Khan, who has filed to sell all of his holdings of 234,424 shares, but will remain in his position with the company.