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An in-depth report from Brandon Thurston at PostWrestling.com provides a lot of insight into what was going on behind the scenes during the time period Vince McMahon "retired" from WWE, including that Endeavor execs now heading TKO believed they were officially in pursuit of the company the day McMahon announced his retirement.
Thurston's reporting arises out of the currently ongoing Delaware Chancery Court lawsuit challenging WWE’s 2023 deal to merge with Endeavor’s UFC (forming what is now TKO). That lawsuit has moved into its late discovery stages, with a trial currently scheduled for June 2026. In the suit, Plaintiffs (WWE shareholders) allege Vince McMahon breached his fiduciary duties by steering the sale process to protect his personal control and post-transaction WWE role, rather than maximizing value for the company's public stockholders.
Newly public discovery materials, including text messages and internal emails, are being used by plaintiffs to argue the process was effectively “pre-wired” well before WWE formally announced it was exploring strategic alternatives. McMahon obviously denies those allegations. Other defendants, including current WWE President Nick Khan, WWE Chief Content Officer Paul Levesque, and WWE former executives and board members George Barrios (who has a book about his time in WWE coming out next year) and Michelle Wilson, have all been accused of aiding or acquiescing in the alleged scheme.
The lawsuit’s central allegation is that McMahon’s overriding objective after his 2022 sexual misconduct scandal was to ensure he remained on top of WWE post-transaction. Since McMahon was the controlling stockholder, the plaintiffs argue that the process was never a conventional, board-led, arms-length effort to extract the best available deal for WWE stockholders. Instead, they argue the process was shaped to deliver both a transaction structure favorable to McMahon’s continuing authority and to a counterparty, Endeavor, who was willing to keep McMahon in a senior governance role, unlike other bidders who might have required McMahon's permanent exit.
One of the most notable items to become public is a text message from Mark Shapiro (then Endeavor’s No. two exec is now TKO President) sent within hours of McMahon’s July 2022 retirement announcement. Shapiro laid out a scenario that later largely materialized - that Nick Khan and Stephanie McMahon would run WWE temporarily, that Vince McMahon would take the company private or return with a changed board (which is what happened) or that the company is "coming to us." Shapiro wrote, "The race is on. The courtship is on.” Shapiro sent the text to Andrew Schleimer (now TKO's CFO) and Jason Lublin (then-Endeavor CFO). Plaintiffs point to this message as evidence that Endeavor insiders believed McMahon’s “retirement” was simply tactical and that a transaction pathway involving Endeavor was already being contemplated.
Discovery also includes a retirement-day email from McMahon to WWE’s independent directors that read as cordial and final in tone, but also underscored he still had access and influence. Plaintiffs argue the real story is what was happening outside formal corporate channels: communications indicate McMahon remained engaged with key WWE figures despite having no formal management role. Notably, records show McMahon and Endeavor CEO Ari Emanuel arranging an in-person meeting at a New York City steakhouse on August 10, 2022, weeks after McMahon’s resignation, to which McMahon said he would bring WWE’s then co-CEOs Stephanie McMahon and Nick Khan.
Plaintiffs are arguing that while WWE was not publicly “for sale” at the time, a controlling stockholder with an active scandal and a desire to return to power was meeting with the leader of a likely strategic counterparty, alongside WWE’s top executives.
The disclosed text message logs also show Emanuel sending McMahon a series of messages on August 18, 2022, including links and attachments, multiple voice messages (those contents were not public), and then a line plaintiffs portray as revealing: “I will be your greatest partner.” On August 22nd, Emanuel texted McMahon referencing McMahon having met with Jeff Sine (a senior banker at The Raine Group, which later became WWE’s financial advisor for the sale process). Emanuel also pushed for further discussion before McMahon left for Europe, offering to travel to meet him. The plaintiffs’ narrative are that these exchanges suggest ongoing, relationship-driven transaction groundwork during the period McMahon was ostensibly “in exile" from WWE and "retired."
An email from Raine managing director Christopher Donini to Endeavor executives attached “Project Stunner” materials, described as high-level overview and sensitivities, following conversations involving Jeff Sine. Plaintiffs state that Shapiro’s July “courtship” text was sent to the same Endeavor executives (Lublin and Schleimer) who later received the Raine “Project Stunner” package. “Stunner” is also referenced as a possible Signal group chat plaintiffs are requesting further access to. Signal is an encrypted chat app that protects the messages from being publicly revealed since it automatically deletes messages. Another discovery item is a text chain in which Sine offers to represent McMahon personally in a potential transaction, explicitly stating his role would be “for you only, not Ari or Endeavor.” McMahon responds favorably (“I love that idea Jeff”), while also noting he had “some personal issues” to resolve before proceeding. This, plaintiffs suggest, reinforces the thesis that McMahon was laying transaction groundwork independently, separate from (and potentially ahead of) a board-driven sale process.
Vince McMahon returned to WWE’s board in January 2023 using his voting control, removing and displacing several directors, adding new members, and WWE promptly announcing it was now exploring “strategic alternatives.” Three months later, the WWE–UFC merger with Endeavor was agreed to and publicly announced the day after Wrestlemania 40 in Los Angeles. Plaintiffs argue this sequence tracks the Shapiro message so closely that it supports an inference of advance expectation and coordination. The Defendants characterize the process as legitimate, competitive, and value-maximizing.
Discovery and related public filings referenced other interested WWE bidders, including private equity company and a strategic party. WWE’s public narrative (in SEC filings) describes competing bids in March 2023 and portrays Endeavor as advantaged by speed and financing simplicity because its proposal was all-stock, not dependent on third-party debt.
The plaintiffs are arguing the sale process was constrained before competitors could fully have due diligence and sharpen bids, that internal projections referenced in court filings allegedly valued WWE far higher (a “high case” number up to $178 per share is cited), suggesting shareholders may have had money left on the table via the sale to Endeavor. Thurston's reporting notes that deposition testimony from potential buyer KKR’s Ted Oberwager, supports at least that KKR did not finish their due diligence, did not submit a second-round bid to buy the company, and did not arrive at a final price, facts that the plaintiffs may use to argue the WWE sales process did not evolve into a fully competitive auction, meaning the stockholders allegedly didn't get their maximum value out of the sale to Endeavor.
Thurston's reporting also cites that Discovery also surfaced internal Liberty Media emails reacting to the announced deal. Liberty’s Greg Maffei reportedly replied “pre-wired” to a note suggesting the deal had been “cooking … for a while,” while another Liberty executive criticized media coverage as overstating competitiveness and serving Endeavor and WWE's interests. It is expected these emails could be used to argue that other potential bidders saw the forest from the trees and that the sale outcome was pre-determined.
A major fight in the discovery process as well has been the plaintiffs’ claim that key deal communications occurred on Signal. One disclosed exchange features Vince McMahon texting Khan about WrestleMania 40-related creative, asking if Roman Reigns and Cody Rhodes are aware of the new creative plans. Khan replied “Langis." When McMahon asked what the hell that meant, Khan stated, “Read it backwards!” McMahon was backstage at Wrestlemania 40 and the subsequent Monday Night Raw, with a number of talents at Raw concerned about him overseeing the show after Paul Levesque had been in charge of creative. McMahon asking about whether top talents knew about creative changes would imply McMahon at the time still had the final word on the creative direction. The Plaintiffs are arguing about their concerns over whether relevant communications were properly kept, given the nature of Signal as an App Plaintiffs have asked the court to require Nick Khan, Ari Emanuel, Stephanie McMahon, and Brad Blum to review devices and take screenshots of relevant Signal messages. The Court has not ruled on that request.
As noted above, the lawsuit is headed to a June 2026 trial, unless there is some sort of settlement.
The lawsuit is civil and could result in the plaintiffs recovering financial damages. Before anyone asks, there is no chance this could reverse the TKO merger.
Vince McMahon resigned from the executive ranks of TKO and WWE for the final time back in January 2024 following the filing of a federal lawsuit by former WWE employee Janel Grant which alleged severe, disturbing misconduct. That case has not seen an update since July 2025 within court records. McMahon has denied all allegations, and the case remains ongoing. Vince McMahon and World Wrestling Entertainment each filed motions seeking to push the Janel Grant lawsuit into private arbitration this past summer. There has yet to be a ruling on that issue, which will determine whether the Grant lawsuit will continue to play out before the public or not.
McMahon has quietly opened a new company 14TH & I, with the idea of it being an entertainment hub that backs film and television projects. Several former WWE officials, including Brad Blum, are now working for that company.
WWE does not respond to requests for comments on legal issues.
Thurston's original report can be read at this link.
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