Major update on how much power Vince McMahon has in TKO following controversy & resignation in January 2024
Vince McMahon's sale of WWE to TKO was done to secure himself in a great position even after he stepped down as CEO and Chairman in June 2022. As we know, that is not how it played out as the Janel Grant lawsuit led to Endeavor CEO Ari Emanuel calling Mr. McMahon and suggesting a resignation, something he did with immediate effect. However, just how much power does the 79-year-old have left in WWE's parent company?
In an SEC 13G filing, it was revealed that Vince McMahon has 9.88% of Class A shares while his overall ownership of the TKO stock sits at less than 5%. Mr. McMahon went on a selling spree in recent months and has completely phased himself out. In case you're wondering, that amounts to 8,021,405 shares. He has no voting power.
This essentially aligns with what TKO President Mark Shapiro said. After stating that he met Mr. McMahon for breakfast to check in on him, the former confirmed that the latter has no voting power, makes no decisions, is not consulted, nor is he on the board of directors.
Vince McMahon is reportedly launching a new company and luring some names away from WWE
Vince McMahon is unsurprisingly the type of person who cannot imagine living his life sitting idly. In an attempt to bounce back from the controversy he has faced in the last two years, the 79-year-old is getting back to work.
According to a report from PWInsider, Vince McMahon's post-WWE venture will see him run a firm that financially backs and produces films and television shows, with the focus being on both fiction and non-fiction.
If it opens, it will be based out of Los Angeles, and ex-WWE COO Brad Blum is already a part of the project, as is Kristin Prouty, who was the Stamford-based company's connection to Hollywood in the years gone by.
There is no word on whether or not other names will be involved from the company, but former WWE head writer Vince Russo believes that there's a "cleanout" incoming, with speculation of Bruce Prichard and Michael Hayes joining Mr. McMahon's venture. As you know, Prichard and Hayes were the 79-year-old's right-hand men for a very long time.
Ronda Rousey has even gone as far as to state that Prichard's presence in WWE means that he has Mr. McMahon in his ear and that is how the ex-CEO's ideas are still being communicated.