Report: Vince McMahon Eyeing WWE Return to Pursue Sale After Misconduct Allegations

The Wall Street Journal's Lauren Thomas reported that Vince McMahon wants to return to the company in order to sell it.

McMahon stepped back from his responsibilities as CEO and Chairman of the Board as he was investigated for allegations of sexual harassment. In July, he retired abruptly.

The 77-year-old wrote a letter to the board of directors saying he wanted to return.

Mr. McMahon, who has majority voting power through his ownership of Class-B stock, has told the company that he is electing himself and two former co-presidents and directors to the board." Three current directors will have to leave their positions because of the board's refusal to allow Mr. McMahon to return.

McMahon said in a statement that he expected to be the Executive Chairman of the board.

Mr. McMahon's new role will allow unified decision-making through the Company's upcoming media rights negotiations and a parallel full review of the Company's strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of World Wrestling Entertainment and its shareholders Mr. McMahon has told the Board that there is a small window of opportunity to create significant value for all shareholders and that the strategic alternatives review must occur in conjunction with the media rights negotiations. He told the Board that he believed the two initiatives needed Mr. McMahon's participation, leadership, and support.

The Wall Street Journal reported on payments totaling $12 million to resolve allegations of sexual harassment. The Securities and Exchange Commission and federal prosecutors were looking into the settlements because they weren't reflected in the official accounts of the company.

McMahon's statement emphasizes the upcoming media rights deals as a driving force behind his attempt to come back.

The company struck five-year contracts with USA Network and Fox Sports in October of 2019.

For a long time, McMahon was synonymous with the company. His return may prove counter productive given the allegations surrounding him.

The board agreed that Mr. McMahon's return to the business wouldn't be in the best interests of shareholders.

Sean Ross Sapp of Fightful.com @SeanRossSapp

I believe Vince McMahon returning in any additional capacity, much less Executive Chairman, would significantly hamper WWE's rights fee negotiations

Sean Ross Sapp of Fightful.com @SeanRossSapp

It certainly makes sense why so many names within WWE, especially higher ups, were keen on telling me last month how much they didn't want Vince McMahon back around.

The longstanding palace intrigue surrounding the company will once again be brought to the forefront.

Vince McMahon's future has been questioned by wrestling fans. It was thought that one of his children would be a good heir to the throne.

McMahon said something in an interview with Pat McAfee last March.

You have to be objective and look at family members the same way you would other employees. It's probably not the right thing to say that I have expected more from my family members. You have to do the right thing for the company. If this person isn't working out then they shouldn't be a part of the company.

At the time, Levesque, who wrestled as Triple H, was still recovering from his heart surgery, and so had seen his influence diminish behind the scenes. Last May, McMahon took a leave of absence.

McMahon and her husband retained influential roles within the company after the Wall Street Journal reported on their situation. Levesque resumed his duties as executive vice president of talent relations as McMahon and Khan became co-CEOs. The head of creative was replaced by him.