Want more wrestling news, rumors, and results? Be sure to visit PWInsider.com and PWInsiderXtra.com.
One year ago today, the world of professional wrestling would begin the process of seismic changes that are still being felt when The Wall Street Journal reported that the WWE Board of Directors were investigating an alleged $3 Million payment made by Vince McMahon in January 2022 to a former WWE Employee who he allegedly had a sexual relationship with him.The WSJ report stated that the "January 2022 separation agreement bars the now-former employee, who was hired as a paralegal in 2019, from discussing her relationship with Mr. McMahon or disparaging him."
The article also noted:
"The board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said. The Journal couldn’t determine how many previous agreements were being scrutinized.
The board’s outside counsel was still collecting information about the other NDAs this week but has determined that the payments totaled in the millions of dollars, the people said."
A WWE spokesperson told WSJ they were cooperating with the investigation and that the relationship with McMahon and the former employee was consensual.
The spokesperson also stated, "the company takes the allegations seriously and is dealing with them appropriately."
Neither McMahon nor Laurinaitis returned requests for comments. WWE's longtime attorney Jerry McDevitt stated, according to the article, "that the former paralegal hadn’t made any claims of harassment against Mr. McMahon and that “WWE did not pay any monies” to the ex-employee “on her departure.”
The article states that the Board of Directors learned of the allegations when they received an email from a friend of the former employee in March. The email claimed the employee was hired with a $100,000 salary that doubled once she began a relationship with McMahon.
The WSJ report noted, "The email to the board also alleged that Mr. McMahon “gave her like a toy” to Mr. Laurinaitis. The board is investigating the allegations in the email, the people familiar with the inquiry said."
“My friend was so scared so she quit after Vince McMahon and lawyer Jerry paid her millions of dollars to shut up,” the initial email to the board stated. The Jerry would obviously be in reference to Jerry McDevitt.
WWE later issued a statement to employees that read: "WWE issued a memo to their employees this afternoon, noting that the The Wall Street Journal "has published an article containing accusations the Board of Directors takes seriously. WWE is cooperating fully with the Board’s independent investigation.”
This report sets of a chain of events that are still unfolding today and the likes of which couldn't have been scripted by anyone, much less WWE, including:
*McMahon arrived at WWE TV the same week, not selling any of the allegations to those working around him and immediately appearing on WWE TV.
*Vince McMahon stepping back as the company's CEO and Chairman of the Board.
*Stephanie McMahon returning to the company after having just announced she was taking a leave of absence.
*The Rita Marie allegations from the 1980s again coming to light.
*The Wall Street Journal reporting $12 Million in payments made to four women by McMahon that were previously unknown.
*Vince McMahon announces his abrupt retirement from the company in the wake of that second report.
*Paul Levesque ascends to head of creative. A number of his former WWE NXT lieutenants, who had been let go in the wake od Levesque's cardiac issues, are brought back to the fold.
*Paul Levesque, Nick Khan and Stephanie McMahon run the company.
*Vince McMahon forfeiting millions of dollars and is removed from the company's corporate leadership.
*WWE issuing a corporate filing with the SEC, announcing in short, that it has determined that Vince McMahon's payouts in the past should have been recorded as official company expenses, stating in the filing that it “has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made.” WWE's filing listed $14.6 million in expenses that should have been recorded, $2.6 more than reported. WWE did not state whether the $14.6 they uncovered internally included the NDA payments.
*WWE issuing a filing to the SEC, noting that there are additional investigations ongoing into Vince McMahon and the allegations levied against him from outside the company, which may be a reference to the numerous law firms looking into the company, or something else that has not been publicly revealed - “The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters."
*While Vince McMahon publicly stated he chose to retire, WWE statements to the SEC refer to his exit at a resignation.
*Morale within WWE rises internally and sources indicate Stephanie McMahon is tasked with finding new ways to keep that morale rising.
*During an Linda McMahon media appearance for the America First Policy Institute, she is asked about Vince McMahon's WWE exit and after initially stating she wasn't going to comment on the issue, then stated the following, “You know what, he’ll just be deciding on how he’s going to spend his free time. I think that’s a good thing."
*John Laurinaitis is dropped by WWE. He is announced for a convention appearance and the reaction for it is so extremely negative, he is canceled off that within hours.
*WWE begins a huge hiring rush on talents who had been released while Vince McMahon ran the company.
*The WWE stock rises, so McMahon becomes richer exiting the company.
*Vice TV announces and releases a McMahon documentary which is absolutely a waste of time and is 90% recycled content from their Dark Side of the Ring.
*WWE issues the following statement in conjunction with their November 2022 earnings release:
The Company’s recent Special Committee investigation could result in a material adverse effect on our financial performance.
On June 17, 2022, the Company and its Board of Directors announced that a special committee of independent members of our Board of Directors (the “Special Committee”) was formed to investigate alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. McMahon. Mr. McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest. On July 25, 2022, based on the findings of the Special Committee investigation, the Company announced that it had determined that certain payments that Mr. McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future totaling $14.6 million) were not appropriately recorded as expenses in the Company’s Consolidated Financial Statements. The Company subsequently identified two additional payments totaling $5.0 million, unrelated to the alleged misconduct by Mr. McMahon that led to the Special Committee investigation, that Mr. McMahon made in 2007 and 2009 that were not appropriately recorded as expenses in the Company’s Consolidated Financial Statements. Together, these unrecorded expenses total $19.6 million (the “Unrecorded Expenses”). All payments underlying the Unrecorded Expenses were or will be paid by Mr. McMahon personally. The Company has determined that, while the amount of Unrecorded Expenses was not material in any individual period in which the Unrecorded Expenses arose, the aggregate amount of Unrecorded Expenses would be material if recorded entirely in the second quarter of 2022. Accordingly, the Company revised its previously issued financial statements to record the Unrecorded Expenses in the applicable periods for the years ended December 31, 2019, 2020 and 2021, as well as the first quarter of 2021 and 2022. In light of the Unrecorded Expenses and related facts, the Company has concluded that its internal control over financial reporting was not effective as a result of one or more material weaknesses. Although the Special Committee investigation is now complete, the Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters. Professional costs resulting from the Special Committee’s investigation have been significant and are expected to continue to be significant as we continue to incur litigation costs relating to these regulatory, investigative and enforcement inquiries, subpoenas and demands. Although we believe that no significant business has been lost to date, it is possible that a change in the perceptions of our business partners could occur as a result of the investigation. In addition, as a result of the investigation, certain operational changes, including without limitation personnel changes, have occurred and may continue to occur in the future. Any or all of these impacts based on the findings of the investigation and related matters and the surrounding circumstances could exacerbate the other risks described herein and directly or indirectly have a material adverse effect on our operations and/or financial performance.
The resignation of Vincent K. McMahon could adversely affect our ability to create popular characters and creative storylines or could otherwise adversely affect our operating results.
Until he resigned from all positions held with the Company on July 22, 2022, in addition to serving as Chairman of our Board of Directors and Chief Executive Officer, Mr. McMahon led the creative team that develops the storylines and the characters for our programming (including our television, WWE Network and other programming) and live events. On July 22, 2022, the Board appointed Stephanie McMahon, at that time Chief Brand Officer, interim Chief Executive Officer, interim Chairwoman and a director of the Company, and Nick Khan, at that time President, Chief Revenue Officer and a director of the Company, to serve as the Company’s co-Chief Executive Officers. The Board has also appointed Stephanie McMahon to serve as the Company’s Chairwoman. Furthermore, in the wake of Mr. McMahon’s departure, our creative effort will be led by Paul Levesque, the Company’s Executive Vice President, Talent Relations and Creative and Ms. McMahon’s husband, who has decades of experience in our Company and has been an important player in all aspects of our creative process, including television, talent and live events. Although Mr. Levesque has extensive practical experience with many of our revenue streams and, with Ms. McMahon, has been critically involved in our business transformation over the past several years as well as our continuing brand development, these collective changes at the top of our organization are extensive.
*Vince McMahon begins to consider a WWE return. Almost on cue, a new Wall Street Journal story appears, chronicling the sexual impropriety allegations made by Rita Chatteron decades ago, which are now allowed to be used to seek compensation under a recent New York law. The story reports that Chatterton sent a demand letter to McMahon’s represtentative on 11/3, asked for $11.75 million in damages for the assault she claims took place in McMahon’s limousine. The story also states that a second woman, a spa manager from California, has made claims of assault against McMahon as well. She too did so under a new California law that allows a window for victims to seek compensation from the alleged attacker. WSJ reported that, “Mr. McMahon has told people he refuses to pay settlements to Ms. Chatterton and the former spa manager, people familiar with his comments said.”
*McMahon later makes a payment to Chatterton to settle the allegations, which his attorney still refutes as ever happening.
*McMahon makes an overture to return to the company. The entire WWE Board of Directors tell McMahon they believe it's a bad idea and shoot the idea down.
*The other shoe drops. Since McMahon has always been the primary stockholder for the company and could never be forced to sell, he retains power and that power is used. McMahon blows off the Board's feelings, announces his plans to return, change the makeup of the Board of Directors and look into potentially selling the company that has been in his family for generations.
*McMahon issues the following statement in response:
Vince McMahon Takes Actions in Support of Plan for WWE to Undertake a Review of Strategic Alternatives and Capture Unique Opportunity to Maximize Long-term Value for All Shareholders
Submits written consent to WWE Board electing himself and Company veterans George Barrios and Michelle Wilson as Directors
Actions are necessary to ensure McMahon's full participation in upcoming media rights negotiations and review of strategic alternatives
GREENWICH, Conn., Jan. 5, 2023 -- Vince McMahon, the founder and controlling shareholder of World Wrestling Entertainment Inc. ("WWE" or the "Company") (NYSE: WWE), announced today that he has taken necessary actions to position the Company to capitalize on a unique opportunity to maximize long-term value for all WWE shareholders. The actions, communicated to WWE's Board of Directors today via written consent, include the election to the Board of Mr. McMahon, as well as Michelle Wilson and George Barrios – former WWE Co-Presidents and Board members, and currently the Co-Founders and Co-CEOs of Isos Capital Management – and the requisite removal from the Board of three directors. Mr. McMahon expects to assume the role of Executive Chairman of the Board.
Mr. McMahon's new role will enable unified decision making through the Company's upcoming media rights negotiations and a parallel full review of the Company's strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry. As Mr. McMahon has communicated to the Board, he believes there is a narrow window of opportunity to create significant value for all shareholders and that to do so, the strategic alternatives review must occur in tandem with the media rights negotiations. He also expressed to the Board that he believes these two initiatives require Mr. McMahon's direct participation, leadership, and support as controlling shareholder.
"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms," said Mr. McMahon. "The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."
Prior to delivering written consent, Mr. McMahon sent two separate letters to the Board in late December in which he expressed the urgency of his return to the Company as Executive Chairman and his desire to work collaboratively with the Board and management team. Following conversations with representatives of the Company both before and after Mr. McMahon's most recent letter on December 31, Mr. McMahon determined, consistent with his rights as controlling shareholder, that the steps announced today are necessary to maximize value for all WWE shareholders.
Mr. McMahon said, "Ms. Wilson and Mr. Barrios are highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives. As former WWE Co-Presidents and Board members, they are intimately familiar with industry dynamics and the organization's operations and have helped guide the Company through past successful media rights negotiations. I look forward to working closely again with Michelle and George – as well as the Company's remaining directors and management team, who have my full support and confidence. WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities."
In conjunction with the changes to WWE's Board, Mr. McMahon's written consent also includes certain amendments to the Company's bylaws to ensure that WWE's corporate governance continues to properly enable and support shareholder rights. These changes will be detailed in a Schedule 13D amendment to be filed by Mr. McMahon and a Form 8-K to be filed by the Company in the coming days.
No assurances can be given regarding the outcome or timing of the review process. Mr. McMahon does not intend to comment further until the process has concluded or Mr. McMahon has otherwise determined that further disclosure is appropriate or required.
Michelle Wilson Biography
Ms. Wilson is Co-Founder and Co-CEO of Isos Capital Management. She is a leading sports and entertainment c-suite executive and, prior to founding Isos with Mr. Barrios, most recently served as Co-President and Board Member of WWE until January 2020. In 2018, Forbes named Ms. Wilson one of the 10 Most Powerful Women in Sports. She also was featured on the Adweek 50 list, which highlights the leading executives in Media, Marketing and Technology, and named one of Sports Illustrated's 10 Most Influential Women in Sports. She joined WWE in 2009 and prior to her appointment as Co-President, served as Chief Revenue and Marketing Officer.
Previously, Michelle served as the Chief Marketing Officer of the United States Tennis Association, oversaw all marketing efforts for the launch of the XFL, a partnership between WWE and NBC, and held consumer products and brand management positions at the NBA and Nabisco, respectively. She received her MBA from Harvard Business School and currently serves on the Boards of Bowlero Corporation and Turtle Beach Corporation.
George Barrios Biography
Mr. Barrios serves as Isos Capital Management's Co-Founder and Co-CEO. He is an award-winning c-suite executive and most recently served as Co-President and Board Member of WWE until January 2020. In 2017, Institutional Investor ranked George among the Top 3 CFOs in the Media Industry as part of its All-America Executive team rankings. He joined WWE in 2008 as its Chief Strategy and Financial Officer.
Previously, he held leadership roles in finance, strategy and operations at the New York Times, Praxair, Time Warner and HBO. He received his MBA from the University of Connecticut School of Business and currently serves as the National Board Chair of the Make-A-Wish Foundation.
Kirkland & Ellis is serving as legal counsel to Mr. McMahon.
*McMahon does what he promises. The T-Rex has broken free. He returns to power, installing former WWE Execs George Barrios and Michelle Wilson on the Board. There are many exits, including those who pushed for McMahon to be investigated in the first place. McMahon changes the WWE corporate by-laws to accomplish his goals and after stockholders begin to raise concerns in lawsuits, reverses the changes, having already accomplished his goals.
*Stephanie McMahon, who's return led to massive morale boosts, resigns from the company and exits. She has, as of this writing, not returned to the company, although she was backstage at Wrestlemania 39.
*A number of Vince McMahon's close staff members return to the company, having quietly exited after his retirement/resigation.
*WWE and McMahon come to terms on his reimbursement of the company. WWE issues the following SEC statement:
On March 20, 2023, World Wrestling Entertainment, Inc. (the “Company”) entered into a reimbursement agreement (the “Agreement”) with Vincent K. McMahon, the Company’s Executive Chairman, director and controlling stockholder. The Agreement provides that Mr. McMahon will pay the Company approximately $17.4 million to reimburse the Company for the costs that have been incurred and paid by the Company and/or its subsidiaries, through January 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the Company’s board of directors, related revisions to the Company’s financial statements and other related matters. Such payment was made on March 23, 2023.
The Agreement further provides that Mr. McMahon will also review in good faith and reimburse the Company for additional costs incurred by the Company and/or its subsidiaries subsequent to January 31, 2023 (or that have been incurred by the Company and/or its subsidiaries and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters.
The Agreement also includes a release of Mr. McMahon by the Company regarding the recovery of the costs described above and a release of the Company by Mr. McMahon regarding the investigation and related matters described above.
*McMahon returns officially as an employee of the company.
*McMahon reportedly seeks $9 Billion for sale of the company.
*Just months after his exit, McMahon is backstage at Wrestlemania 39 on headsets, although Paul Levesque runs the event.
*Vince McMahon does what he promises and makes a deal to sell the company. Endeavor announces a purchase, officially, the day after Wrestlemania 39, although the sale still needs to be approved by regulatory commissions within the United States government. When it is approved, the McMahon family will no longer officially control professional wrestling, as it has since the mid-1980s. The announcement reads:
The mighty reign of the McMahon family has come to an end and with this press release, professional wrestling as we knew it has changed forever.
ENDEAVOR ANNOUNCES UFC® AND WWE® TO FORM A $21+ BILLION GLOBAL LIVE SPORTS AND ENTERTAINMENT COMPANY
New, Publicly Listed Company to be 51% Owned by Endeavor and
49% by Existing WWE ShareholdersEndeavor to Contribute UFC into Company at Enterprise Value of $12.1 Billion
BEVERLY HILLS, Calif. and STAMFORD, Conn. (April 3, 2023) – Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor”) and World Wrestling Entertainment, Inc. (NYSE: WWE) (“WWE”) today announced that they have signed a definitive agreement to form a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. Upon close, Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.
Together, UFC and WWE will have global reach, impressive scale and omnichannel distribution. On a combined 2022 fiscal year-end basis, UFC and WWE achieved revenue of $2.4 billion and a 10% annual revenue growth rate since 2019.
“This is a rare opportunity to create a global live sports and entertainment pureplay built for where the industry is headed,” said Ariel Emanuel, CEO of Endeavor. “For decades, Vince and his team have demonstrated an incredible track record of innovation and shareholder value creation, and we are confident that Endeavor can deliver significant additional value for shareholders by bringing UFC and WWE together.”
“Given the incredible work that Ari and Endeavor have done to grow the UFC brand – nearly doubling its revenue over the past seven years – and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders,” said Vincent K. McMahon, Executive Chairman of WWE.
McMahon continued, “Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity. The new company will be well positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands. I, along with the current WWE management team, look forward to working closely with Ari and the Endeavor and UFC teams to take the businesses to the next level.”
The new company will be led by Emanuel (Chief Executive Officer), who will also continue in his role as Chief Executive Officer of Endeavor, McMahon (Executive Chairman of the Board) and Mark Shapiro, who will be President and Chief Operating Officer of both Endeavor and the new company. Dana White will continue in his role as President of UFC and Nick Khan will serve as President of WWE. The Board of Directors will consist of 11 members who will be appointed at a later date, six of whom will be appointed by Endeavor and five of whom by WWE.
Together, UFC and WWE expect to deliver an estimated $50 million to $100 million in annualized run rate cost synergies by leveraging, among other things, Endeavor’s back office and robust infrastructure. Endeavor also expects significant growth across revenue areas including domestic and international media rights, ticket sales and yield optimization, event operations, sponsorship, licensing and premium hospitality. Endeavor’s success at UFC, including increasing commercial opportunities that have driven more than 2x Adjusted EBITDA growth since its acquisition in late 2016, demonstrates the significant value creation opportunity and upside potential of having UFC and WWE under one roof.
Transaction Details and Approvals
The transaction values UFC at an enterprise value of $12.1 billion and WWE at an enterprise value of $9.3 billion. The transaction represents a contribution price of WWE of approximately $106 per share (before any post-closing dividend). Additionally, UFC and WWE will each contribute cash to the new company so that it holds approximately $150 million. At closing, Endeavor intends to sweep all excess cash at UFC, and shareholders of the new company (other than Endeavor) are expected to receive a post-closing dividend.
Under the terms of the transaction, existing WWE shareholders will roll all existing equity into the new entity that will be the parent company of UFC and WWE (“NewCo” until it is named at a later date) and intends to list on the New York Stock Exchange under the ticker symbol “TKO”. The listing of NewCo will expand the collective investor base to allow for broad market participation across Endeavor and NewCo.
The transaction has been unanimously approved by the Executive Committee of the Board of Directors of Endeavor and by the Board of Directors of WWE. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close in the second half of 2023.
This marks the successful conclusion of WWE’s strategic alternatives review process. WWE embarked on this process to take advantage of the company’s unique position in the entertainment ecosystem as well as the inflection point coming with its media rights renewals, both of which were widely recognized in the marketplace through this process.
Advisors
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are serving as financial advisors to Endeavor, and Latham & Watkins LLP is serving as legal advisor to Endeavor. The Raine Group is acting as lead financial advisor to WWE. J.P. Morgan and Moelis & Company LLC are also acting as financial advisors to WWE. The Raine Group, J.P. Morgan, and Moelis & Company LLC each rendered fairness opinions to the Board of Directors of WWE. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to WWE, and Kirkland & Ellis LLP is serving as legal advisor to WWE’s controlling stockholder, McMahon.
Webcast
Endeavor and WWE will make public a recorded audio webcast at 8:00 a.m. ET today discussing this transaction. The event and accompanying presentation materials can be accessed at investor.endeavorco.com or https://corporate.wwe.com/investors. The link to the webcast, as well as a recording, will also be available on those websites after the call concludes.
# # #
About Endeavor
Endeavor is a global sports and entertainment company, home to many of the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation, sports operations & advisory, event & experiences management, media production & distribution, experiential marketing and brand licensing.About UFC®
UFC® is the world’s premier mixed martial arts organization (MMA), with more than 700 million fans and 228 million social media followers. The organization produces more than 40 live events annually in some of the most prestigious arenas around the world, while broadcasting to over 900 million TV households across more than 170 countries. UFC’s athlete roster features the world’s best MMA athletes representing more than 80 countries. The organization’s digital offerings include UFC FIGHT PASS®, one of the world’s leading streaming services for combat sports. UFC is owned by global sports and entertainment company Endeavor, and is headquartered in Las Vegas, Nevada. For more information, visit UFC.com and follow UFC at Facebook.com/UFC, Twitter, Snapchat, Instagram and TikTok: @UFC.About WWE®
WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and recognized leader in global entertainment. The Company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family-friendly entertainment on its television programming, premium live events, digital media, and publishing platforms. WWE’s TV-PG programming can be seen in more than 1 billion homes worldwide in 25 languages through world-class distribution partners including NBCUniversal, FOX Sports, BT Sport, Sony India and Rogers. The award-winning WWE Network includes all premium live events, scheduled programming and a massive video-on-demand library and is currently available in more than 180 countries. In the United States, NBCUniversal’s streaming service, Peacock, is the exclusive home to WWE Network. Additional information on WWE can be found at wwe.com and corporate.wwe.com.
*McMahon tells CNBC,"It's the right time. It's the right time to do the right thing, and it's the next evolution of WWE. I could probably do what Ari is right now with UFC, it would take me 10 years. By the time I would grab those 10 years, he'd be 10 years ahead again. So it makes all the sense in the world for all these synergies that we have to extract all of the value we can out of the marketplace."
*When asked about the last year of his life leading to the sale, McMahon reflected, "Well, let me just say that I've made mistakes, obviously, both personally and professionally through my 50-year career. I've owned up to every single one of them and then moved on. I'm not sure, the legacy stuff, I'm not going to write it, so I don't know. I want to say it's someone who had an extraordinary amount of fun, great passion for what they did, and wound up doing the biggest deal he's ever done in his life.
*Ari Emanuel requires Vince McMahon to remain with the company. McMahon had been willing to exit after the sale.
*A number of WWE stockholders file lawsuits over McMahon's forced return and sale of the company. They are dropped one by one. McMahon pays $1.5 million to handle the costs of the claims that are dropped.
*Vince McMahon returns to overseeing creative the day after Wrestlemania 39 at Raw, which freaks some talents out and makes others happy. After that taping, McMahon is less hands on. He appears sometimes personally at tapings but mostly waves his magic wand remotely, giving Paul Levesque and his team freedom but also enforcing his wishes when needed.
*Once the sale goes through, Vince McMahon will no longer be the majority stockholder and will no longer retain the silver bullet that allowed him to return to power at will. He would, however, get an insane lump sum payment if he is terminated.
*WWE stock rises as a result of the announced sale, so McMahon gets even richer.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section, which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Bang On Casino
