The WWE may not have been created by Vince McMahon but it is he who turned a once territorial wrestling promotion into a global phenomenon. Vinny Mac took the promotion, and wrestling in general, to the mainstream audience and created heroes and legends for generations of fans, many of whom still have unprecedented cultural significance. However, he had to let go of the reigns following allegations of s*xual misconduct against several women. An investigation was launched against the WWE patriarch that revealed he had paid nearly $15 million to four women over the course of 16 years prompting a resignation.
Also read: WWE Hall of Famer Thinks Vince McMahon Wanted Cody Rhodes to Prove Him Wrong
Vince McMahon recently called for him to be reinstated back to power in the WWE. According to The Wall Street Journal, the former WWE CEO believes that there is a small window in the near future that the promotion should take advantage of and initiate a sale process of the company’s intellectual property.
However, the majority shareholder has offered his full support only if he is directly involved with the decision making.
WWE Stocks rise over 10% following reports of Vince McMahon possibly rejoining and selling the promotion
It remains to be seen if WWE accepts Vince McMahon’s demands, which also involves three board members stepping down in order to accommodate him and two former WWE co-presidents and board members, Michelle Wilson and George Barrios.
The current board members are Stephanie McMahon, Nick Khan, Paul “Triple H” Levesque, JoEllen Lyons Dillon, Steve Koonin, Ignace Lahoud Michelle McKenna, Steve Pamon, Man Jit Singh, Jeffrey R. Speed and Alan M. Wexler.
However, just the news of the former WWE CEO returning has already seen a shift in the stock market with shares of the company jumping over 10% merely hours after the announcement was made.
The potential selling of the company has created excitement with stocks continuing to rise over $80, nearing the 52-week high for the stock, which is $81.63. This is a sharp increase from the closing price of $72.04.
Will Vince McMahon be successful in his attempts to return?
As it stands, Vince McMahon is the controlling shareholder and has told the board that he will not approve any media-rights deal or company sale unless he is directly involved as executive chairman from the outset of a strategic review.
He has been asked not to return to the company by the board members but he refused to comply and has hit back at them with full force. RAW and SmackDown’s rights will expire next year and the former chairman sees this as the perfect time to sell the company but has taken ultimate advantage of his position as the controlling shareholder to twist the boards hands.
Only time will tell how the board responds and how Vince McMahon’s potential return to the company will affect their future.
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