Vince McMahon Planning Comeback to WWE to Sell Company, Plans to Elect Himself to Board of Directors

– As previously reported, former WWE Chairman and CEO Vince McMahon planned on making a comeback to WWE and return to the company. The Wall Street Journal published a new article today on how McMahon is plotting a WWE return, and his comeback also involves him pursuing a sale of the company. As has been previously noted, McMahon is still the majority owner of WWE.

According to the report, McMahon is planning a return to the company and is pursuing a sale of the WWE. McMahon, who has majority voting power due to his ownership of WWE’s Class-B stock, informed WWE that he will elect himself and two former co-presidents and directors, Michelle Wilson and George Barrios, to WWE’s board of directors. McMahon appears to be seeking to get himself reinstated at the company.

Ironically enough, Barrios and Wilson previously left their positions as Co-Presidents of WWE in early 2020 due to Vince McMahon. It was rumored that McMahon was not happy with the fourth quarter 2019 earnings during their tenure, and they had disagreements on how to increase revenue for the company.

Per the WSJ report, McMahon’s reinstatement to WWE would require three current directors to vacate their positions. The WWE board of directors previously rebuffed a move to have McMahon reinstated. Additionally, the board reportedly agreed in an unanimous decision that McMahon returning to the company would not be in the best interest of WWE shareholders.

It was also communicated to the board that unless he has direct involvement as the company’s executive chairman from the outset of a strategic review, he will not support or approve any type of media-rights deal or sale. WWE media rights for both Raw and SmackDown programs are due to be renegotiated soon, as the broadcast contracts for both shows will expire later in 2024.

McMahon resigned from his post as WWE Chairman and CEO last July amid a sexual harassment scandal and allegations of paying off former WWE workers he was alleged to be having affairs with. Per the report, McMahon remains willing to continue working to complete any reimbursement of reasonable expenses related to the investigation into the allegations of sexual misconduct, to the extent that they are not covered by insurance. Also, McMahon is said to have declined to agree not to return to WWE.

WWE has already seen its stock price rise 12% in after-market trading. The rise could be due to the notion that McMahon’s comeback involves selling the company (h/t Wrestlenomics’ Brandon Thurston).

$WWE stock is up 12% currently in after-market trading. Possibly driven by the notion Vince will come back to sell the company. pic.twitter.com/ZI1UVStQcu

— Brandon Thurston (@BrandonThurston) January 5, 2023