Vince McMahon intends to return to WWE.
In a formal address on PR Newswire, McMahon has announced that as the majority shareholder, necessary actions need to be taken to negotiate the new rights deals and to maximise the value of WWE shares.
In the address, McMahon has provided a statement as to why he feels now is the right time to return to the company:
“WWE is entering a critical juncture in its history with the 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,” said Mr. McMahon. “The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
The former WWE Chairman will not be returning alone, as McMahon intends to bring with him former board members George Barrios and Michelle Wilson. It should be noted that if all 3 individuals return to the board of directors, 3 current standing board members would need to relinquish their positions.
McMahon has said the following regarding the returns of Barrios and Wilson:
“Ms. Wilson and Mr. Barrios are highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives. As former WWE Co-Presidents and Board members, they are intimately familiar with industry dynamics and the organization’s operations and have helped guide the Company through past successful media rights negotiations. I look forward to working closely again with Michelle and George – as well as the Company’s remaining directors and management team, who have my full support and confidence. WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities.”
The statement concludes by confirming the timeline of events. McMahon originally sent a letter to the Board of Directors in December to express urgency in his return. McMahon believes that the steps taken are necessary for the future of the company.
It is currently unclear where the announcement holds for the future of Stephanie McMahon and Nick Khan, who were announced as co-CEO’s of WWE following the shock announcement that Vince McMahon would be retiring from the company in July 2022.
Featured image: Wrestling Headlines
