Vince McMahon has found himself in a highly controversial situation due to sexual trafficking lawsuit filed against him by former WWE employee Janel Grant. This legal battle killed his reputation but it appears he will retain some influence in WWE despite his resignation.
Janel Grant has accused McMahon of sexual misconduct, claiming that he shared explicit content without her consent, involving WWE personnel, undisclosed executives, and wrestling stars. In response to these allegations, Vince McMahon formally stepped down from his positions within WWE and TKO Holdings. He vehemently denied the claims and expressed his commitment to fight them in court.
It was reported that TKO CEO Ari Emanuel and TKO President and COO Mark Shapiro contacted Vince McMahon, advising him that resigning would be in the best interest of the company.
According to The Hollywood Reporter, it was noted that Vince McMahon may continue to wield influence in TKO even after his resignation, owing to the substantial amount of stock he still owns. Although no longer an active member of the executive team, McMahon, who holds approximately 10% of all outstanding shares, could potentially use his leverage in some capacity.
”Sources say that even while McMahon was no longer an active member of the executive team, he would weigh in on creative decisions, reaching out to employees by email and text with suggestions. While McMahon used his power as controlling shareholder to reinstall himself, the new TKO is firmly controlled by Endeavor, making any sort of official comeback unlikely. Just a couple of months after the TKO deal closed last September, McMahon filed with the SEC to sell some $700 million worth of stock in the company, a sizable chunk of his holdings. That being said, he still owns a big portion of the firm, representing about 10 percent of shares outstanding. It may not be enough to reappoint himself to the board, but enough to carry influence.”
TKO had been aware of Vince McMahon’s misdeeds since the merger last year. A Federal inquiry has been launched into Vince McMahon’s involvement in the sexual trafficking lawsuit as well. It remains to be seen what will become of McMahon in the end.
What do you think of this story concerning Vince McMahon? Do you feel he is gone from WWE for good? Let us know in the comments section below!