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AXIOS Reveals SEC Documents Suggesting Possible Departure of Vince McMahon from WWE

Posted By: Ben Jordan Kerin on Sep 21, 2023

AXIOS Reveals SEC Documents Suggesting Possible Departure of Vince McMahon from WWE

A fresh SEC filing has unveiled Vince McMahon's possible intention to distance himself from WWE, following its merger with Endeavor, the parent company behind UFC. This comes amidst an ongoing federal investigation into McMahon, initiated by a subpoena from a federal grand jury on July 17th. As of now, McMahon faces no formal charges regarding accusations of sexual misconduct and infidelity, which trace back to 2006.

Legal expert Jacob Frenkel, who serves as the Chair of Dickinson Wright's Government Investigations & Securities Enforcement Practice Group, previously pointed out that McMahon could potentially face legal repercussions that might force him to relinquish his role in WWE.

Post-merger, McMahon owns a staggering 28.84 million shares in TKO, currently estimated to be worth $3 billion. While he holds significant ownership, he is not the majority shareholder.

According to AXIOS, regulatory documents from TKO reveal that McMahon’s unique stock registration allows him to circumvent the lock-up period affecting other shareholders like Endeavor and Silver Lake. An earlier SEC filing from TKO also suggested that McMahon, along with two other executives, could be "selling stockholders in this offering," hinting at McMahon's potential future departure from the company.

TKO has openly acknowledged in its regulatory filings that McMahon's board membership could result in negative media attention and potentially harm the company's financial and operational status.

Recently, McMahon was seen using a cane for mobility and to address WWE staff, following spinal surgery he had during the summer months.

Follow WNS Ben on Instagram and Twitter/X for more WWE release news!

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— Ben Jordan Kerin Sep 21, 2023 12:44PM

 

Source: axios.com
Tags: #wwe #endeavor #ufc #tko #vince mcmahon

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