Just months removed from his retirement from WWE, Vince McMahon is plotting his return to the company.
The longtime head honcho of the wrestling promotion retired last year amid investigations into payments he made regarding alleged instances of sexual misconduct.
CNBC reported that 77-year-old paid nearly $15 million to four women over the course of 16 years in order to silence any allegations.
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However, despite retiring, he still remained the company’s largest shareholder and effectively maintained much of his power.
He is now planning on U-turning on his retirement and returning to the company in order to pursue the sale of the company, according to The Wall Street Journal.
He is looking to get himself reinstated into the board at the company by re-electing himself and two-former co-presidents and directors.
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The reinstatement of McMahon, as well as Michelle Wilson and George Barrios, would force three current board directors out of their positions.
However, in a statement provided by Vince McMahon to PR Newswire, he says his return is essential to fully capitalise on upcoming negotiations.
He wrote: “WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms.
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“The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives.
“My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."
The Wall Street Journal reported that McMahon had communicated to the board that unless he had ‘direct involvement as executive chairman from the outset of a strategic review, he won’t support any media-rights deal or sale’.
According to Forbes, the WWE Board of Directors had unanimously voted that McMahon’s return would be detrimental to the company back in December.
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Given the professional wrestling promoter’s tenure in the industry, many doubted he would truly walk away from the company.
And with the WWE in its final year of television rights deals with the likes of NBCU and FOX, it looks like Vince McMahon is using these deals to his advantage.
Topics: WWE, Wrestling, Vince McMahon
Jayden Collins