Vince McMahon’s return to WWE has been nothing less than a thriller show will a lot of ups and downs. First, he announced his arrival, then Stephanie McMahon resigned as Co-CEO and Chairwoman, and now he is back as the executive chairman of the board. In fact, there were rumors that he has sold WWE to Saudi’s Public Investment Fund. Although Ariel Helwani denied the news of the sale, a WWE shareholder has filed a lawsuit against Vince McMahon.
As many experts believed will happen, as soon as Vince announced his return, he immediately started to gain back control. Making three members of the board resign, he alongside George Barrios and Michelle Wilson took their place. Not just that, the report about WWE might end up getting sold to PIF does have some legitimacy.
However, questioning the power show of Mr. McMahon, a stakeholder has taken the matter to the court.
WWE Shareholder sues Vince McMahon in a legal action lawsuit for misusing his voting power
Vince McMahon regained his power in the WWE Board on January 6 and in less than a week, a shareholder has filed a lawsuit against him. On January 10, a legal action lawsuit was filed in Delaware’s Chancery Court.
Mike Leonard of Bloomberg Law brought the whole thing to light with some key details. In the lawsuit, McMahon has been accused of misusing his 81% voting control to expel three board members and replace them with his loyalists. However, Vince has been using his power to impose his will on the WWE board.
In the lawsuit, it is claimed that Vince McMahon timed his return in such a manner as to regain control. He took advantage of the expiring media rights negotiations and used the “lifeblood” of the business to force his way back. Moreover, he’s been accused of withholding his support for any deal reached without his participation.
A class action lawsuit has been launched against Vince McMahon.
A shareholder is suing McMahon in Delaware, accusing him of wielding his ~81% voting control to impose his will on $WWE illegally. Cites board changes, threats to interfere w/ media rights.https://t.co/AN8ApJMuOK pic.twitter.com/cKhkG8WCDg
— Moonlight Graham (@ReeceKelleyG) January 11, 2023
If WWE is indeed sold to PIF, it might end up forcing a lot of superstars to walk out
Ariel Helwani contradicted all the reports that said Vince has sold WWE to Saudi’s PIF. In a Twitter post, he stated that no deal has been made yet. Moreover, the sources within the company told him that WWE is still exploring all options.
Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia’s Public Investment Fund or any entity, sources say.
The organization is still exploring all options, I’m told. Developing.
— Ariel Helwani (@arielhelwani) January 11, 2023
However, if that happens, many superstars might walk out of the company. Though no one has come out and spoken that pubically, many credible sources say it can happen.
Nevertheless, stars like MVP, Sami Zayn, and Kevin Owens have missed WWE’s past Saudi events due to their respective reasons. Not to forget, how the nation perceives women’s wrestling as a sport. So, if WWE is sold to PIF, superstars walking out won’t be a surprise for many.
Though as of now, Vince McMahon will have to deal with the above-stated lawsuit. Plus, nobody knows what the 77-year-old will do in the nest 24 hours.
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