Vince McMahon will end his fifty-year association with WWE by selling his remaining shares in TKO to confirm his exit from the wrestling promotion.
On Friday TKO filed a prospectus detailing that McMahon would be selling up to 8.02 million shares he holds in the company, which were worth £77.48 apiece and around £620 million in total.
McMahon has worked for WWE since the 1960s, before eventually buying the company from his father and transforming it into a sports entertainment brand and the biggest name in professional wrestling – whilst making him a billionaire along the way.
In 2022, he briefly retired following allegations of sexual misconduct, but managed to engineer a return to the company at the end of that year to facilitate a sale of the business.
Endeavour Group Holdings purchased the company in September last year, merging it with UFC to form a new publicly traded name TKO – with McMahon as executive chairman.
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Former WWE boss McMahon has put all of his remaining TKO shares up for sale, worth well over £500million
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By selling his shares McMahon will end his fifty-plus year association with the company
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However, in January the 78-year-old was forced to resign following allegations of sex trafficking , which he has denied.
Since his departure McMahon’s son-in-law Paul ‘Triple H’ Levesque has taken over the creative reigns at WWE, and been credited with the recent boom for the company.
WWE has seen consecutive sell-out shows for both their live events across the US and during last week’s UK tour, as well as flagship TV productions Raw and SmackDown.
While earlier this month they shattered revenue records for WrestleMania 40, making it the biggest and highest-grossing WrestleMania in history.
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Janel Grant is suing McMahon, WWE and another employee over claims of sex trafficking
McMahon meanwhile is facing a lawsuit after former WWE employee Janel Grant accused the billionaire of sex trafficking and claimed he defecated on her head during a threesome, among other things.
Grant also claimed she suffered bruising and bleeding after McMahon forcefully penetrated her with sex toys, which he named after his wrestler and alleged that McMahon and another WWE executive locked her in a room at the WWE’s Stamford, Connecticut headquarters in June of 2021 and took turns sexually assaulting her.
The allegations have led to McMahon’s departure from WWE, but his daughter Stephanie McMahon remains with the company and recently made her first public appearance since her father’s resignation, when she introduced the second night of WrestleMania in Philadelphia.
Also listed in the prospectus was WWE Chairman Nick Khan, who has filed to sell what appear to be all his holdings of 234,424 shares, but will remain in his position with the company.
