Vince McMahon initially announced his departure from all of his positions within WWE back on July 22, 2022. However, despite the WWE Board of Directors’ investigation of multiple accusations of sexual misconduct, the Wall Street Journal reported last month that McMahon was planning to make a comeback to the WWE under the belief that he received bad legal advice and that the entire scandal would blow over. The Wall Street Journal dropped another report on Thursday detailing how McMahon plans to make his comeback.
Per Lauren Thomas via multiple sources, McMahon plans to use the 80% of voting power he still has through his Class-B stock in order to elect himself, George Barrios and Michelle Wilson (former WWE executives) to the Board of Directors. This would require current members of the board to vacate their positions. McMahon stated his intent to return to the board via a letter, in which he stated he should be at the helm for a potential sale and tand that the window for a sale is “narrowing” due to Raw and SmackDown’s current TV rights deals expiring in 2024.
SCOOP: Vince McMahon plans to return to WWE following his retirement in 2022 amid a sexual-harassment scandal in order to pursue a sale of the business, sources say. $WWE https://t.co/Sac3LSAejK
— Lauren Thomas (@laurenthomas) January 5, 2023
“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,” Thomas wrote, then noting the board wanted McMahon to commit to repaying the expenses caused by his investigation and agree to not return to the company while the Security and Exchange Commission and federal prosecutors continue their investigation into the nearly $20 million he paid in non-disclosure agreements. McMahon apparently agreed to the former but not the latter.
“He has communicated to the board that unless he has direct involvement as executive chairman from the outset of a strategic review, he won’t support or approve any media-rights deal or sale, the people said,” Thomas wrote.
The report also noted that it is unclear what McMahon’s return would mean for Stephanie McMahon and Nick Khan, who were promoted to Co-CEOs shortly after McMahon’s departure. Stay tuned for more updates.