Vince McMahon, majority owner and former CEO of World Wrestling Entertainment (WWE) is plotting a return to the WWE board, according to a report by The Wall Street Journal.
The 72-year-old left in 2022 amidst a sexual harassment scandal and since then his daughter Stephanie McMahon has been the co-CEO of the franchise. The report says that McMohan intends to elect himself and two other former directors of WWE, Michelle Wilson and George Barrios, to the board. It further claims that McMahon intends to appoint himself as the executive chairman but that is subject to the board’s approval.
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WSJ has learned that McMahon sent a letter to the WWE board in late December expressing his desire to return to the board.
He left his position as the CEO of WWE after a WSJ report showed that McMahon paid out several women who were alleging sexual misconduct and infidelity in order to silence them.
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McMahon said in the letter that he intends to do a strategic review of the company he ran for four decades since his departure back in July 2022. People close to the matter told the news outlet that the businessman believed that there will be a ‘narrow window’ to sell the franchise as the media rights for their flagship programs- RAW and WWE Smackdown, are set to be renegotiated later this year.
There are, however, a few complications to McMahon’s return to the WWE board of directors. First, inducting three people into the board would mean that three occupied positions will have to be vacated. There is no clarity yet as to who will be stepping down.
After McMahon assumes the role of executive chairman, it is not clear what role will Stephanie McMahon take up as she can not be the co-CEO anymore.
WWE earns most of its revenue from selling content rights. It was reported that the franchise made close to $1 billion in revenues in 2021 alone, and its valuation now stands at nearly $5 billion.
