Former CEO Vince McMahon plans to return to WWE, but only to sell the company he has transformed into a world entertainment brand.
The Wall Street Journal reports that McMahon – still a majority shareholder of WWE – indicated on Thursday that he “is electing himself and two former co-chairmen and directors, Michelle Wilson and George Barrios, to the board.” Reportedly, three current directors can have to leave their positions to make room.
McMahon, 77, retired in the summer of 2022 amid allegations of sexual misconduct. He also allegedly used his own money for $19.6 million in non-disclosure agreement payments after which neglected to record it as personal expenses.
This is not the first time McMahon has tried to return, but the board has rejected his previous attempt to take the reins. Quoted by ESPN from an announcement wherein McMahon said that “WWE is entering a critical juncture in its history, and the upcoming media rights negotiations coincide with increased industry-wide demand for high-quality content and live events, and with more firms wanting to own mental property on their platforms.
“My return,” he continued, “will allow WWE, in addition to all counterparties to the deal, to engage in these processes knowing that they’ll have the support of a controlling shareholder.”
McMahon’s daughter Stephanie McMahon and Nick Khan have served as co-CEOs of WWE since retiring, but may not have anything to do with their leadership but wants a probability to end things with WWE on her own terms. As noted by the WSJ, McMahon said his actions in leaving last yr were partly based on “bad advice from people close to him … to step down.”