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Mike CoppingerESPN
Former WWE CEO Vince McMahon, who stays the controlling shareholder of the wrestling group, plans to return to the corporate to “totally capitalize” on the upcoming media rights negotiations, he introduced Thursday.
McMahon, 77, retired over the summer time following allegations of sexual misconduct that included non-disclosure settlement funds. Although McMahon used private funds for the NDA funds, he didn’t file these bills, which totaled $19.6 million.
After McMahon stepped away, his daughter, Stephanie McMahon, and Nick Khan, a longtime agent at CAA, assumed the roles of co-CEO. In his announcement, Vince McMahon stated he’s asking to be reinstated as government chairman of the board of the publicly traded firm, together with chair seats for former WWE co-presidents Michelle Wilson and George Barrios.
The strikes would require three present members to vacate their board seats. The board beforehand rebuffed an try from McMahon to return to the corporate, however he retains nearly all of the voting energy.
“WWE is getting into a important juncture in its historical past with the upcoming media rights negotiations coinciding with elevated industry-wide demand for high quality content material and reside occasions and with extra firms searching for to personal the mental property on their platforms,” McMahon stated.
He added: “My return will enable WWE, in addition to any transaction counterparties, to interact in these processes figuring out they’ll have the help of the controlling shareholder.”
WWE’s rights offers with Fox and USA expire subsequent yr; negotiations are anticipated to start later in 2023. WWE posted its first billion-dollar income yr in 2022. McMahon purchased the corporate from his father in 1982 and constructed the then-WWF into the preeminent wrestling firm on the planet.
When McMahon stepped down, his son-in-law, WWE Corridor of Famer Paul “Triple H” Levesque, changed him because the individual in control of the inventive path of the corporate’s TV storylines.
“WWE has an distinctive administration staff in place,” McMahon stated, “and I don’t intend for my return to have any affect on their roles, duties, or duties.”
Earlier than McMahon delivered written consent of his plans to the board, he despatched two letters in late December wherein he expressed the urgency of his return, in accordance with the press launch.