- Vince McMahon to sell remaining TKO shares and sever all ties with WWE
- The former president has worked for the wrestling promotion for more than 50 years.
- McMahon resigned from TKO in January amid sex trafficking allegations
Vince McMahon will end his fifty-year association with WWE by selling his remaining shares in TKO to confirm his departure from the wrestling promotion.
On Friday, TKO filed a prospectus detailing that McMahon would sell up to 8.02 million shares he owns in the company, which were worth £77.48 each and around £620 million in total.
McMahon has worked for WWE since the 1960s, before eventually purchasing the company from his father and transforming it into a sports entertainment brand and the biggest name in professional wrestling, while also making him a billionaire.
In 2022, he briefly retired following allegations of sexual misconduct, but managed to engineer a return to the company later that year to facilitate the sale of the business.
Endeavor Group Holdings bought the company in September last year, merging it with UFC to form a new publicly traded name, TKO, with McMahon as executive chairman.
Former WWE boss McMahon has put all of his remaining TKO shares up for sale, worth more than £500million.
By selling his shares, McMahon will end his more than fifty-year association with the company.
Paul ‘Triple H’ Levesque took control of WWE and ushered in a successful new era
However, in January, the 78-year-old was forced to resign following allegations of sex trafficking, which he has denied.
Since his departure, McMahon’s son-in-law Paul ‘Triple H’ Levesque has taken over the creative reins of WWE and is credited with the company’s recent rise.
WWE has seen back-to-back sold-out shows for both its live events in the US and during last week’s tour of the UK, as well as flagship television productions Raw and SmackDown.
While earlier this month they broke revenue records for WrestleMania 40, making it the biggest and highest-grossing WrestleMania in history.
Janel Grant is suing McMahon, WWE and another employee over sex trafficking allegations
Meanwhile, McMahon is facing a lawsuit after former WWE employee Janel Grant accused the billionaire of sex trafficking and claimed he defecated on her head during a threesome, among other things.
Grant also claimed that she suffered bruising and bleeding after McMahon forcibly penetrated her with sex toys, which she named after her wrestler, and alleged that McMahon and another WWE executive locked her in a room at WWE headquarters. WWE in Stamford, Connecticut, in June 2021 and took turns. sexually assault her.
The allegations have led to McMahon’s departure from WWE, but his daughter Stephanie McMahon remains with the company and recently made her first public appearance since her father’s resignation, when she hosted the second night of WrestleMania in Philadelphia.
Also listed in the prospectus is WWE president Nick Khan, who has filed to sell what appears to be all of his holdings of 234,424 shares, but will remain in his position with the company.