Vince McMahon, former CEO of WWE, plans to return to the wrestling company as executive chairman later scandal retirement, he announced in a statement.
In a nutshell: last year McMahon suddenly announced his retirement from WWE on Twitter while he was under investigation for paying multiple women in the company $12 million to keep quiet about sex-related allegations. After his retirement, the company announced that Vince’s daughter, Stephanie McMahon, would be CEO and president of wrestling promotions. Soon after, the company announced that Stephanie’s husband, Paul “Triple H” Levesque, would be WWE creative storyline control.
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According to a report from The Wall Street Journalthe reason McMahon wanted to return to the company as its executive chairman was so he could help lead the strategic review process and take advantage of the narrow time in which the sales process could be captured. head as media rights for WWE programs Whole Monday night and Friday Night Smackdown to be renegotiated. People close to the situation told WSJ that unless McMahon is directly involved in the strategic review of WWE programs as executive chairman of the organization, he will not support or approve any deal or sale of media rights for streaming or network platforms.
Last month, WWE’s board of directors responded to McMahon in a letter and stated that they were open to working with him while conducting the review process for the sale of Smackdow’s intellectual property.WOMEN and rough. However, sources familiar with correspondence between McMahon and WWE have said WSJ that the board of directors agreed that McMahon’s return to the company would not be in the best interests of shareholders.
People close to the situation say WSJ that thing McMahon hopes he will be able to take on the role of executive chairman, but to do so he needs board approval. The WWE Board also requested that McMahon re-affirm his obligation to pay the costs incurred by WWE in connection with the investigation of the allegations against him and that he agrees not to return to WWE for the duration of the contract. government investigation into his alleged misconduct. According to the WSJMcMahon agreed to complete the payment of the reimbursements, as long as they were not covered by insurance, but declined to agree not to return to the company.
Kotaku Have reached out to WWE for comment.
