Former WWE CEO Vince McMahon is planning on returning to the company and selling it, according to a new report from The Wall Street Journal.
McMahon stepped away from the company last July after The WSJ reported on sexual harassment and assault allegations but the Journal later reported that McMahon told people that he felt like he got bad advice and that he should have never stepped down.
Per the WSJ: “Mr. McMahon, who has majority voting power through his ownership of WWE’s Class-B stock, has told the company that he is electing himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to the board, the people said. The move to reinstate Mr. McMahon, which the board previously rebuffed, and the others will require three current directors to vacate their positions.”
McMahon is reportedly expecting to assume his role as executive chairman but he would need board approval. At this point, it is not clear what this means for his daughter Stephanie McMahon, and Nick Khan, who currently are the co-CEO’s. Stephanie is also the company Chairwoman.
The WSJ adds that McMahon sent a letter to the board in December about his desire to return to “to help spearhead a strategic-review process.” McMahon reportedly is of the belief that there is a narrow window to kick off the sale process because they are about to enter negotiations for their next media rights deal.
The WSJ adds, “The board responded last month in a letter to Mr. McMahon that it was prepared to initiate a review process and would welcome working with him on it. However, it said it unanimously agreed that Mr. McMahon’s return to the business wouldn’t be in shareholders’ best interest, according to people familiar with the letters.”
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