Vince McMahon plans to return to WWE in an attempt to sell the company

Vince McMahon looking to return to WWE to pursue a sale of the company, WWE announced Thursday.

As first reported by The Wall Street Journal before they were later confirmed in a Press releaseMcMahon – who retains the majority of voting rights in the company due to his stock holdings – expects to take on the role of executive chairman after promoting himself and two former employees, Michelle Wilson and George Barrios, to WWE’s board.

The initial report on the move mentioned that the board was hesitant to see McMahon return and even pushed back on the idea, requiring three other board members to step down to facilitate the moves. However, despite the initial backlash, the move was made, with McMahon referring to the move as “the only way” for WWE to capitalize on media rights negotiations.

“WWE is entering a critical time in its history with upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” ​​McMahon said. “The only way WWE can fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in negotiating our media rights and combine that with a review of strategic alternatives. My return will allow WWE, as well as all transaction counterparties, to participate in these processes knowing that they will have the support of the controlling shareholder.”

Last year, McMahon came under fire over various reports that alleged the former chairman paid up to $12 million in hush money to various women to cover up allegations of sexual misconduct and infidelity. An first report alleging that McMahon had paid $3 million in hush money to a woman with whom he allegedly had an affair. As a result of this report, McMahon stepped down from his role as CEO of WWE while the board continued its investigation.

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