Vince McMahon sells $700 million of his WWE and UFC shares just weeks after $21.4bn TKO merger in huge exit hint
VINCE McMahon is selling off a major chunk of his WWE ownership.
TKO Group, the new company that holds both the WWE and UFC, announced on Thursday that McMahon is selling 8.4 million shares of his TKO stock.
The WWE and UFC merged earlier this year to form TKO. The company is majority-owned by Endeavor Group.
The shares account for around 30 percent of McMahon’s holdings and are worth around $700 million. He owned more than 28 million shares as of August.
His remaining shares are valued at around $2 billion.
The move could be an indicator that McMahon is preparing to exit the fighting business after decades at the helm.
The stage has been set for a potential McMahon exit since the WWE and UFC merger took place.
TKO designated all of McMahon’s shares as available for sale after the September merger, giving both him and the company flexibility to move on.
McMahon is a massive asset for TKO, but is also a major liability for the company, which they stated themselves in an SEC filing earlier in the year.
“McMahon’s membership on our Board could expose us to negative publicity and/or have other adverse financial and operational impacts on our business,” the filing said.
“His membership also may result in additional scrutiny or otherwise exacerbate the other risks described herein.
“Any of these outcomes could directly or indirectly have adverse financial and operational impacts on our business.”
McMahon stepped back from creative control over the WWE in October after the merger was complete.
While he assumed the role of executive chairman, WWE legend Triple H took over as the WWE’s head of creative.
It is the first time in the history of the WWE that the wrestling competition isn’t run under a McMahon name.
Triple H shared his excitement about the merger and his new position on Twitter.
“A historic day. The most exciting time in our industry that I’ve ever been a part of,” he wrote.
“Are you ready?”
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