Vince McMahon has a lot of money, but he is doing a smart thing when he needs a truckload of cash because The Chairman is in possession of a lot of WWE stock. So he sold a ton of it in order to have some extra football money.
McMahon sold off 3,204,427 shares of WWE stock in order to further fund the XFL. It looks like the previous amount of $100,000,000 he forked over just wasn’t enough.
This extra $271,959,710 will go straight to the XFL as McMahon made it very clear that WWE and XFL are separate entities. In fact, any work that WWE does for the XFL will be billed and paid for by the football branch of McMahon’s empire.
This latest stock sale means Vince McMahon now owns 36.8% of WWE which is down from the 40.9% that he previously owned.
With Vince McMahon shelling out over $360 million to get the XFL started, let’s hope that the league will help him return that money in time. If anything the Wrestling Observer Newsletter notes that he has enough money to help cover the league’s losses for a couple of years.