WWE’s Vince McMahon Plans to Sell 8.4 Million Shares of TKO Stock After UFC Merger

Executive Chairman Vince McMahon is intending on offering a substantial portion of his stake in TKO Group Holdings, the moms and dad business of WWE following the merger with the UFC previously this year.

TKO revealed in a release on Thursday that McMahon will offer 8.4 countless his shares, which deserve almost $700 million. Per CNBC’s Mike Caliaa current regulative filing revealed that he owned over 28 million shares since August. Calia kept in mind that TKO’s stock fell 5 percent after Thursday’s closing bell.

The relocation might be a sign that McMahon is on his escape of the fumbling service. He’s not as associated with the imaginative procedure for WWE as he as soon as wanted the merger with UFC, as TKO is majority-owned by Endeavor Group. It likewise seems like the brand-new business isn’t too crazy about keeping him around.

An SEC filing made by TKO on Tuesday (h/t Ross W. Berman IV of Wrestling Inc.) mentioned that McMahon’s board subscription might cause “unfavorable promotion and/or have other negative monetary and functional effects.” It went on to include McMahon’s existence might subject the business to “extra analysis or otherwise worsen the other dangers explained herein.”

The filing referenced in 2015’s unique committee examination of McMahon after it was exposed that he utilized business funds to make hush cash payments to numerous previous workers who made claims of harassment or sexual misbehavior. After the discovery, the 78-year-old left WWE for a time before returning in January to help with the merger with the UFC.

In August, McMahon was served with a federal grand jury subpoena coming from the accusations connected to his hush cash payments. He stated at the time that he “constantly rejected any deliberate misdeed and continues to do so.” WWE likewise revealed at that time that he would be taking medical leave after going through spine surgical treatment, however made it clear that he will stay Executive Chairman.

It now appears that McMahon might be on his escape earlier instead of later on.

Listen to Ring Rust Radio for all of the hot fumbling subjects. Capture the most recent episode in the gamer listed below.