Report: Vince McMahon Making WWE Return To Sell The Company

Vince McMahon has taken actions to return to WWE so he can pursue a sale of the company, according to the Wall Street Journal. 

The 77-year-old announced in a press release today that he has taken the "necessary actions" to elect himself and former WWE Co-Presidents Michelle Wilson and George Wilson to the WWE Board of Directors. The move will require the removal of three current directors.

The former WWE CEO expects to be installed as the Executive Chairman of the Board, although this would have to be approved by the Board. McMahon has been formally plotting a return since December and he believes his comeback "will enable unified decision making through the Company's upcoming media rights negotiations and a parallel full review of the Company's strategic alternatives" which he believes to be in the best interests of the company and WWE shareholders. 

In a report on the situation, the Wall Street Journal noted that not only is McMahon looking to pursue a sale, but he will also not support or approve any media-rights deal or sale unless he has direct involvement in the strategic review as Executive Chairman of the Board. 

Following formal letters from McMahon in December, the WWE Board of Directors responded and noted that while they were prepared to begin a review process and work with McMahon on that, they unanimously agreed that the 77-year-old's return would not be in the best interests of WWE shareholders. 

Since the Wall Street Journal report, WWE's share price has soared from $70.31 at the opening bell on January 5 to $79.40 as of 5: 26 pm ET. 

McMahon resigned as WWE Chairman and CEO in disgrace in July of 2022 after it emerged that he had paid $14.6 million to four women to "suppress allegations of sexual misconduct and infidelity" between 2006 and 2022. A further $5 million was also discovered by WWE in unrecorded expenses that were not related to the alleged hush money payments. 

Following McMahon's letters in December, the WWE Board asked McMahon to confirm his commitment to repay the expenses that WWE incurred from investigating the allegations against him. They also asked McMahon to agree not to return to WWE while the US Government investigated the matter. McMahon declined to agree to not make a WWE comeback and he stated that he "remains willing to continue working to complete any reimbursement for reasonable expenses related to the investigation."

Since McMahon's resignation as CEO and Chairman, an allegation of sexual assault stemming from an alleged incident with a former spa manager in 2011 has become public. Lawyers for former WWF referee Rita Chatterton have also taken legal action against McMahon. Chatterton has accused McMahon of raping her in 1986.