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Vince McMahon ‘wants $9 BILLION from the WWE sale and the company has already received offers… with the owner of UFC Endeavor and Middle Eastern investors all tied to the purchase’
Vince McMahon is looking for a whopping $9 billion if he wants to sell WWE and has already received offers from interested parties, according to a report from Bloomberg.
McMahon most recently returned to the company in January and was then swiftly named executive chairman of the board, less than a year after retiring amid a WWE board investigation into allegations of sexual misconduct and hush money. The number two in command of him, John Laurinaitis, was also removed from the company.
Bloomberg reported Friday that McMahon is listening to offers but has put a huge asking price on the company, whose shares soared amid interest.
The company is said to have already received offers from potential buyers, who asked not to be named as the talks were kept private.
WWE did not respond to a DailyMail.com request for comment.
WWE Chairman Vince McMahon reportedly wants up to $9 billion to sell the company.
Superstars Logan Paul and Ricochet fly towards each other during the Royal Rumble 2023
WWE shares are up 30 percent this year alone amid speculation of an impending sale.
McMahon, 77, is WWE’s majority shareholder and rejoined as chief executive in January to oversee a strategic review of the company.
According to an SEC filing, along with returning McMahon, Alan M. Wexler, JoEllen Lyons Dillon, and Jeffrey R. Speed were removed from the board, while Man Jit Singh and Ignace Lahoud resigned. In addition, Michelle Wilson and George Barrios have returned to the board.
Days later, a WWE shareholder filed suit in Delaware Chancery Court, accusing him of exercising his 81% voting control to oust three board members, replace them with loyalists, and push for bylaw changes that would ‘impose his will on the board and WWE.’
It also accuses him of using the timing of the forced reinstatement to seize control of upcoming negotiations over the company’s expiring media rights, the ‘life blood’ of the business, and forced his return by taking advantage of a threat to withhold support for any agreement reached without your participation.
The lawsuit states that McMahon’s move was to “take complete personal control over any major corporate decision” by “adding his cronies to the board.”
McMahon recently forced his return to the company after a brief retirement amid an investigation into multiple alleged sexual assaults and hush money payments to victims.
Cody Rhodes (right) battles Logan Paul during the Royal Rumble match in San Antonio, Texas.
Superstars and former NXT Tag Team Champions ‘The New Day’ pose during a media event
“WWE is entering a critical juncture in its history with upcoming media rights negotiations coinciding with increased demand for quality content and live events across the industry and with more companies seeking to own intellectual property in their platforms,” said Mr. McMahon.
“The only way WWE can fully capitalize on this opportunity is for me to return as CEO and support the management team in negotiations for our media rights and combine that with a review of strategic alternatives.
“My return will allow WWE, as well as any counterparty to the transaction, to participate in these processes knowing that they will have the support of the majority shareholder.”
WWE stock is up 30% this year, partly due to takeover speculation.