One of the biggest shockers in 2022 in the world of pro wrestling was Vince McMahon’s unceremonious retirement. After dedicating four decades to the pro wrestling juggernaut, the WWE patriarchy was forced to retire after the Board divulged that Vince McMahon was involved in embezzling millions from the company to hush up his sexual affairs with multiple women.
However, after five months, Vince McMahon strong-armed his way back to his position in WWE as the Executive Chairman. His return initially caused mayhem in the system, and not everybody was on board with it.
McMahon used his controlling shareholder power to elect himself back on the Board and brought along two former insiders of the company, Michelle Wilson and George Barrios, back on the board. This led to the resignation of other significant board members.
In addition, the primary objective of McMahon’s return was to facilitate the sale of the company to proliferate the returns for shareholders. WWE is allegedly sold to Saudi Arabia’s PIF.
The unsubstantiated report has not been confirmed yet. By the looks of the way things are going, it is conspicuous that Vince McMahon can do with WWE as he wishes, as it is the company, he built from the ground up. But, is WWE really his creation?
Who did Vince McMahon buy WWE from?
Vince McMahon’s father, Vincent J McMahon, was the creator of CWC. The promotion later underwent several name changes. In 1969, Vince McMahon debuted in his father’s company which was then known as WWWF as a ring announcer.
After spending several years as an announcer and a commentator, McMahon junior founded Titan Sports in 1980 with his wife, Linda McMahon. After two years, McMahon acquired CWC from his indisposed father and co-owners Phil Zacko, Arnold Skaaland, and Gorilla Monsoon.
The company was reportedly sold for $1 million back then. After the acquisition, the company went by the name, WWF, and the rest is history.
Vince pulled out all the stops in hopes of expanding his business and to his credit, WWF became the largest promotion acquiring small wrestling promotions until Ted Turner’s WCW was born in 1988. After a see-saw battle with WCW, McMahon prevailed and acquired the promotion in 2001.
Why did Stephanie McMahon resign after Vince McMahon’s return?
As noted, Vince McMahon is now the Executive Chairman of the company. During his brief absence, Stephanie McMahon stepped up as the CO-CEO of the company, working alongside the WWE CEO Nick Khan. Moreover, Triple H took the reins of Creative and became the Chief Content Officer.
In case you didn’t know, Stephanie McMahon was on a leave of absence before Vince McMahon’s temporary retirement. After the “hush money” scandal, the Billion Dollar Princess assumed control as the CO-CEO after Vince McMahon stepped down from his position.
On Jan 10, 2023, days after Vince’s return, Stephanie McMahon permanently resigned from the company. According to reports, Stephanie McMahon has stepped down to focus more on her family.
But the fact that it happened less than a week after Vince’s return has led to the speculation that her father’s idea to sell the company is what drove Stephanie McMahon to step away, as she and Triple H were reportedly vehemently against it.
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