World Wrestling Entertainment Inc. President Vince McMahon is introduced throughout the WWE Monday Night Raw show on the Thomas & Mack Center on August 24, 2009 in Las Vegas, Nevada.
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Vince McMahon has signed a two-year employment contract Worldwide wrestling entertainment.
The WWE president’s contract dates back to January 9, when he returned to the corporate to deposit securities. His deal comes as WWE is actively in talks with suitors.
Under his most up-to-date contract, which incorporates an annual base salary of $1.2 million, which incorporates an incentive bonus of 175% of that salary. Had the deal closed, McMahon would have received a lump sum payment of $2.4 million and his incentive bonus would have been doubled and paid upfront.
CEO Nick Khan told CNBC’s Morgan Brennan this week that it has been a solid sales process to this point with many attracted bidders. Earlier this week, CNBC’s David Faber, citing people acquainted with the matter, said it was a “hot and hard” trial.
McMahon returned to the WWE board in January, assistance in sales negotiations. He stepped down as CEO last June amidst allegations of sexual misconduct by former WWE employees. He later announced his retirement.
During this time, his daughter, Stephanie McMahon, took over as co-CEO of WWE, the McMahon family company. She stepped down in January after Vince McMahon returned.
Last month, Khan told CNBC that McMahon could be open to stepping down from his position “if it’s the precise deal.” The potential future involvement of McMahon, who’s the controlling shareholder of WWE, has turn into an early point of contention in initial talks with some buyers, CNBC previously reported.
“Vince made it clear to me and the market that he didn’t have to be included in any offer or any deal going forward, and he kept his word, as a lot of us predicted,” Khan told CNBC earlier this week.
Khan added that since McMahon got here back within the last three months, he’s been “quite complementary to me, creative, having an industry expert here when we would like to succeed in out and refer to him.”
As well as, his contract gives McMahon the rights to his “life story” and related mental property, as requested.
McMahon took over the corporate from his father in 1982 and ran it until 2022. He even entered the ring repeatedly. His contract gives him the precise to inform his life story with WWE again, with the guarantee that he is not going to face any lawsuit or retaliation from the business in the long run.
WWE shares are up about 34% this yr, easily outpacing the broader market as talk of a sale intensifies.