The Vince McMahon saga took another interesting turn this morning, with news that he is officially back on WWE’s Board of Directors. News broke on January 5th that Vince McMahon had been plotting his return to WWE following his departure on July 22, 2022. Despite the WWE Board of Directors’ investigation of multiple accusations of sexual misconduct, the Wall Street Journal reported last month that McMahon was planning to make a comeback to the WWE under the belief that he received bad legal advice and that the entire scandal would blow over. With all of that as a backdrop, a new SEC filing shows McMahon is now back with the company.
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Brandon Thurston of Wrestlenomics reports a new filing states effective immediately Vince McMahon puts himself, Michelle Wilson, and George Barrios on the WWE board and removes independent directors Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed. The entire 68-page filing can be found here. Thurston also pointed out that McMahon made changes to WWE’s bylaws so media rights deals and any company sales can’t be made without his approval. Part of his return to the company is to lead a possible sale of WWE.
Back on December 20th, McMahon wrote a letter to the WWE board stating his intentions to return as executive chairman. However, the board wrote back “… it is also our unanimous view that your return to the Company at this time, while government investigations into your conduct by the U.S. Attorney’s Office and SEC are still pending, would not be prudent from a shareholder value perspective.”
The letter continued, “This determination is based on a variety of factors, including non-public information the Board has become aware of and the risks to the Company and its shareholders of placing a greater spotlight on these issues.”
In response, McMahon wrote back on December 31st stating his displeasure with their decision, and added that “unless I have direct involvement and input as Executive Chairman from the outset, I will not be able to support or approve any media rights deals or strategic transaction…”
WWE’s stock took a noticeable jump in after-hours trading following the McMahon news on Thursday. At this time it is unclear what Vince McMahon’s return to WWE would mean for the creative side of television. Stephanie McMahon and Nick Khan were promoted to co-CEOs shortly after McMahon’s departure.
Stay tuned to ComicBook.com for more developments.
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