Vince McMahon’s name can not be ignored when it comes to wrestling. The former WWE leader has brought the company to a towering height. However, days of the former WWE boss was outnumbered following the s-x trafficking lawsuit against his name and other WWE executives. McMahon resigned from the company.
Vince McMahon’s Era Ends
Vince McMahon. Image Credit: WWE
Former WWE boss and co-founder has finally ended his ties with the company after selling his remaining TKO— WWE’s parent company— stocks that worth a whopping $776 million total as of Friday, April 26, 2024. As per a report by Sportico, McMahohn had 8.02 million TKO Group Holdings shares and at the time of selling, it was worth $96.76 apiece. TKO Holdings was born after the UFC parent company Endeavor Group Holdings brought WWE and renamed the company after the historic merger.
However, it was not the first time McMahon wanted to sell his TKO shares. Last year; in September right after the birth of TKO, he listed all his shares for sale while selling 8.4 million shares in November. In March and April, he sold respectively, 5.35 million and 3.5 million shares. Per Variety, McMahon earned close to $1.5 billion through his TKO stock sales
The report further revealed that WWE president Nick Khan also listed his 234,424 shares for sale.
Vince McMahon Resigned as Chairman of TKO Group Holdings in January
Vince McMahon. Image Credit: WWE
McMahon’s downfall began after former WWE employee Janel Grant filed a lawsuit alleging McMahon of s-xual assault, trafficking, physical and emotional abuse while naming former WWE executive John Laurinaitis for his alleged misdeeds against her. Following the lawsuit, McMahon resigned from the company. Later, the former chairman released a statement denying the allegation.
“I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name,” the statement reads (via Bleacher Report).
Further, McMahon said that his decision to resign as the chairman of the company was out of respect. “However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately,” the statement added.
Following McMahon’s resignation, TKO Group’s representative commented on the rumor on social platforms that claimed he still had his influence in the company. “Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE,” TKO Group said (via Time). “While this matter pre-dates our TKO executive team’s tenure at the company, we take Ms. Grant’s horrific allegations very seriously and are addressing this matter internally.”
The lawsuit was filled with horrific allegations. McMahon has constantly denied the claims yet it led to the downfall of his legendary career.
Janel Grant’s Lawsuit— The Beginning of Vince McMahon’s Downfall
Vince McMahon. Image Credit: WWE
Janel Grant’s lawsuit against McMahon and former wrestler and head of talent relations and general manager, Laurinaitis was filled with horrific allegations. As per the lawsuit (via Time) Grant and McMahon lived in the same building in 2019 and he offered her a job at WWE following the demise of her parents. Grant alleged that she later discovered that her job required her to have a physical relationship with him which later involved Laurinaitis and others.
Further, the lawsuit claimed that McMahon showered her with lavish gifts including luxury cars. “WWE benefited financially from the commercial sex act venture orchestrated by McMahon, including by having wrestling talent, such as WWE Superstar, sign new contracts with WWE after McMahon presented Plaintiff as a sexual commodity for their use,” the lawsuit claimed. It was first reported by The Wall Street Journal.
Ann Callis, attorney of Grant said, “Ms. Grant hopes that her lawsuit will prevent other women from being victimized.” The organization is well aware of Mr. McMahon’s history, she added, “of depraved behavior, and it’s time that they take responsibility for the misconduct of its leadership.”
Grant was reportedly seeking monetary damages, however, it was unspecified.
Vince McMahon Has Been One Of The Most Important Persons In Wrestling Industry
Vince McMahon. Image Credit: WWE
McMahon is undeniably one of the most important figures in WWE. He has made several superstars shine including John Cena and the current TKO board of director Dwayne Johnson.
McMahon who hailed from Pinehurst, North Carolina used to live in a trailer park and joined his father Vincent James McMahon’s small wrestling company WWWF in 1972. McMahon could foresee the essence of the business and 10 years later he bought the company from his father. While WWF was a regional company, McMahon made it into a global cultural phenomenon.
WWE is now one of the greatest and grandest sports entertainment platforms and the company owes a lot to its founder but the success of his company also made McMahon one of the most controversial men in the company. And with Grant’s lawsuit, the 78-year-old finally closed his tenure at WWE.
