WWE wasn’t having the greatest 2020 in terms of their financial reports. The COVID-19 pandemic caused them to change up some big plans and brace themselves for another financial hit.
Vince McMahon filed a form 8-K yesterday. This was a prepaid variable forward contract that got WWE money, but McMahon retained his voting power.
McMahon will sell the promised shares by March 2024, but he is receiving the money now. This is a way to also avoid turning over the stock and paying taxes on the sale at this time.
In a quote to Yahoo Finance, WWE confirmed that McMahon intends on maintaining his current position in WWE.
“Mr. McMahon has informed us that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.”
WWE is doing everything they can to stay afloat during this time like so many others. We appreciate you for reading all about it on Ringside News.