Vince McMahon announced on Friday night amidst the sex trafficking and sexual assault allegations brought to light on Thursday by Janel Grant in a Connecticut Court that he is resigning from his positions as TKO Executive Chairman and TKO Board of Directors.
Major news. Vince McMahon resigned from all roles with TKO.
The following was sent to some staff pic.twitter.com/kTZbpooTu7
— Sean Ross Sapp of Fightful.com (@SeanRossSapp) January 27, 2024
In a statement released by Nick Khan:
I wanted to inform you that Vince McMahon has tendered his resignation from his position as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role within TKO Group Holdings or WWE.
Vince McMahon released the following statement regarding his resignation from TKO:
“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.”
“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, effectively immediately.”
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Remember when the allegations first came up in July 2022? Vince McMahon retired from professional wrestling only to find his way back in January 2023. However, this time, that cannot happen.
He was the majority stakeholder in WWE stock and had the most voting power. When Endeavor bought WWE, they took away McMahon’s voting power. Though he is still a massive stockholder in the company, post-Endeavor sale, he’s no longer the majority stockholder & would not have the power to return the way he did before.
According to PWI Insider:
“There is a belief (and depending on who you are, a concern) that Endeavor may sweep out anyone close to Vince McMahon and his remaining team to have a complete fresh sweep of the company as we advance.’ ‘There were employees who exited the company when Vince initially resigned who returned when he forced his way back in.
For those who have remained with WWE post-Endeavor purchase, the belief among those we’ve spoken with tonight is that their connection to McMahon may be a significant negative for their WWE status in the future.”
In addition, PWI Insider reports there are some within WWE hoping that the resignation of Vince McMahon will open the door for Stephanie McMahon to return.
Stay Tuned to Full Press Wrestling for more as this story develops.
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