Vince McMahon is out.
On Friday, WWE president Nick Khan knowledgeable staff that McMahon tendered his resignation as the chief chairman from TKO Group Holdings — the merged firm with the UFC and WWE — and he’ll now not have any affiliation with the corporate.
“I needed to tell you that Vince McMahon has tendered his resignation from his positions as TKO Government Chairman and on the TKO Board of Administrators,” Khan mentioned in an e-mail to staff. “He’ll now not have a job with TKO Group Holdings or WWE.”
The information comes only a day after a former WWE worker named Janel Grant filed a lawsuit in Connecticut towards McMahon, John Lauranaitis, the previous head of expertise relations at WWE, and WWE with a variety of disturbing allegations together with sexual abuse, sexual assault and intercourse trafficking.
In a separate assertion, McMahon maintained his innocence concerning the lawsuit however finally he determined to step down from his position at TKO the place he stays one of many largest single shareholders within the firm.
“I stand by my prior assertion that Ms. Grant’s lawsuit is replete with lies, obscene made-up situations that by no means occurred, and is a vindictive distortion of the reality,” McMahon mentioned. “I intend to vigorously defend myself towards these baseless accusations, and look ahead to clearing my identify.
“Nonetheless, out of respect for the WWE Universe, the extraordinary TKO enterprise and its board members and shareholders, companions and constituents, and all the staff and Superstars who helped make WWE into the worldwide chief it’s as we speak, I’ve determined to resign from my govt chairmanship and the TKO board of administrators, efficient instantly.”
The top of McMahon’s reign at TKO comes lower than a yr after WWE was taken over by Endeavor after which mixed into a brand new firm with the UFC. Endeavor CEO Ari Emanuel serves in the identical position over TKO together with voting energy that permits him to keep up management over your entire firm.
Finally, TKO didn’t hearth McMahon or ask him to step down, though his resignation occurred relatively shortly after the lawsuit was filed.
McMahon beforehand retired from WWE in 2022 following allegations of hush cash funds amid a sexual misconduct investigation on the skilled wrestling outfit. McMahon stepped down from his position as chairman at WWE nevertheless it was a brief lived exit as the corporate’s largest shareholder made his return six months later and inserted himself again into the enterprise.
WWE ultimately bought to Endeavor in a blockbuster deal however Emanuel mentioned on the time that McMahon was a useful member of the workforce and there was by no means any speak about booting him from the corporate.
“I’m the luckiest man on this planet,” Emanuel mentioned this previous April. “As a result of I’ve bought Vince McMahon, a visionary that sees round corners. I’ve bought Dana White [at UFC] and what we’ve constructed. That’s fairly unstoppable.
“Mixed, it’s rarefied air, the 2 of us. I believe the analysts will see it’s good for the shareholders of WWE and it’s good for the shareholders of Endeavor.”
Ultimately, the connection lasted simply 9 months amid the most recent allegations and the lawsuit filed towards McMahon.
