Vince McMahon Sued By Shareholder Over WWE Return

Vince McMahon has been hit with a lawsuit following his return to WWE. 

Bloomberg Law reported that a shareholder has sued McMahon in Delaware's Chancery Court, accusing him of using his voting power in WWE to oust three board members and replace them with loyalists, as well as change the company bylaws to "impose his will on the board and WWE."

Furthermore, the lawsuit claims McMahon's return was timed to seize control of upcoming media rights negotiations and he threatened to not support any deal that was agreed without his involvement. The suit claims McMahon's move to "take complete personal control over any major corporate decision" by "adding his cronies to the board" violates Delaware law. 

McMahon returned to WWE on January 5 by electing himself, Michelle Wilson, and George Barrios to the Board of Directors and removing JoEllen Lyons Dillon, Jeffrey R. Speed, and Alan M. Wexler. McMahon was then elected Executive Chairman by the WWE Board of Directors on January 10, the same day that Stephanie McMahon resigned from the organisation.

Reports noted that McMahon threatened to withhold his support from any media rights deal or sale of WWE unless he was installed as Executive Chairman. McMahon returned to pursue a sale of WWE and JPMorgan have been hired to advise on any potential deal.