In a case that brings to mind the phrase “If I can’t have it, no one can” to mind, it’s been reported by the Wall Street Journal that Vince McMahon is planning a return to the WWE to sell it.
Vince McMahon stepped down as CEO and Chairman last year during sexual misconduct accusations and the WWE board investigating him using company funds as hush money for various alleged affairs.
Vince McMahon Plans a Return to WWE to Explore Sale Options
His daughter, Stephanie McMahon, and Nick Kahn took over as co-CEOs and his son in law, Paul Levesque (Triple H) took over as head of WWE Creative following his retirement.
In recent weeks there has been speculation that he wants to return to the company and that he reportedly feels he listened to bad advice about stepping aside instead of weathering the storm.
He remained the majority share holder of the company, and he’s reportedly going to elect himself and Michelle Wilson and George Barrios, two former c0-presidents and directors, to the board.
The current board rejected McMahon’s attempt to be reinstated, and for him and the two additional board members to join three current ones would have to vacate their seats.
He expects to assume the role of executive chairman, but he needs board approval for that.
Looking for a sale
According to the Wall Street Journal, he sent a letter to the board in late December that explained his desire to return to help guide a strategic-review process.
According to McMahon in a press release:
“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. 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.”
While he’s reportedly agreed to pay back reasonable expenses the investigation into him cost, he refused to say he wouldn’t return, and that if he didn’t have direct involvement as executive chairman to begin the strategic review, he won’t support or approve any media rights deal or sale.
Since the WWE makes most of its money from selling its media rights, this could cause large scale problems with the company financially and could prove crippling at some point if they don’t readjust their business model.
What do you think about his offer to rejoin the WWE? Let us know in the comments below.
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