More Details on WWE Reportedly Not Wanting Vince McMahon Back
Vince McMahon announced his "retirement" from WWE back in late July, stepping down from all of his positions in the company amid numerous sexual misconduct allegations, an investigation from WWE's Board of Directors and, reportedly, interest from the Securities and Exchange Commission and federal prosecutors. The Wall Street Journal dropped a new report regarding McMahon on Tuesday, stating that two more women have come forward seeking damages from McMahon — former WWE Rita Chatterton and a former California spa employee, the latter of whom had an accusation that had not been previously reported. However, it was in that same report that wrestling fans learned McMahon was going to attempt a "comeback" to WWE, as he was under the belief that the legal advice to step down was incorrect.
The reception to this news was as swift as it was negative. Within hours, Sean Ross Sapp of Fightful Select had numerous people within WWE reach out and say they wanted nothing to do with McMahon. Wall Street also responded negatively to the news, as WWE's stock dropped by more than three dollars by the end of trading on Tuesday and has continued to decline throughout the week. While it was initially believed WWE's stock would collapse whenever McMahon stepped down from leading the company, it had actually been on a steady incline with Stephanie McMahon, Nick Khan and Paul Levesque in charge.
Vince, who now has known sexual misconduct allegations from 7 women, I think would only regain power at great cost to WWE, its media value, B2B partnerships & morale.
— Brandon Thurston (@BrandonThurston) December 13, 2022
Maybe he could install a new board. But how many more allegations are there? Does he reawaken SEC scrutiny?
Dave Meltzer discussed the situation on the latest Wrestling Observer Radio, stating "strong allies" of McMahon are trying to convince him to stay away from the company. He still owns 80% of the voting power on the board of directors thanks to his Class B stock ownership but would need the board (the same one that just investigated him) to vote him back in as the Chairman.
"It would be major internal upheaval in that company for him to come back, but he's Vince, and maybe he will. He will certainly try. Just the fact that he's trying is going to be a big story. I know allies of Vince, very much allies of Vince and very protective of Vince and things like that who are not business allies of Vince within that company right now because they know that it would be the worst thing, and they are very strong allies of Vince," Meltzer said. "People who you would think are his allies. You don't know. People are happier in the company. They know the company's running better, so the people who are allies or looking at the company's best interests don't want him back....When Vince was on the rocks, they were allies of Vince, and they didn't think he was ever going to go, and they thought he'll ride it out, and it'll go away.
"Once he left, the idea of him coming back...I was surprised about a lot of people who you would think are his allies. Personally, I'm sure they are, but as far as wanting him back...I'm sure there are [some] people that do," he added. Stay tuned for more updates on this situation as they become available.