WWE stockholder files a lawsuit against the company

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Vince McMahon is reviving the XFL

A stockholder of the World Wrestling Entertainment Inc. is suing the company for a look at their records that line out the involvement of Vince McMahon’s company with XFL, a football league that is being resurged by the WWE chairman.

Oklahoma firefighters pension fund file lawsuit

According to Bloomberg Law, the lawsuit was filed by an Oklahoma firefighters pension fund on December 26 in Delaware Chancery Court. It claims that there is 'a credible basis to believe' that top executives of WWE and McMahon are redirecting resources towards the XFL, which is against their responsibilities towards the investors.

Furthermore, the suit also suggests that the board members of WWE failed to carry out a proper inspection to ensure that the chairman wasn’t involved in any transaction that would conflict with the company's interest.

Vince McMahon’s XFL endeavors

This is not the first time McMahon has taken his chances with the XFL, as the original edition of it was a joint venture between his company and NBC. Only one season was played in 2001, after which it was disbanded due to poor viewership.

That didn’t dishearten the WWE chairman, because in 2018 he announced that he would revive it. This time, however, it will not be operating under the name of WWE, as McMahon set up Alpha Entertainment to fund the competition separately. The XFL is set to kick off on February 8, 2020. 

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