Vince McMahon, WWE’s executive chairman, is temporarily stepping away from his role due to medical reasons, following major spinal surgery. This comes at a critical time for the company as it is in the process of finalizing a blockbuster merger with the UFC.
Adding to the complexity, McMahon continues to face scrutiny over alleged hush money payments that were the focus of an internal investigation last year. Federal law enforcement agents executed a search warrant and served a federal grand jury subpoena on Mr. McMahon, though no charges have been brought yet.
Despite the ongoing investigation and McMahon’s medical leave, he will retain his position as Executive Chairman of the company. In March, McMahon reimbursed WWE $17.4 million for costs associated with the board’s misconduct investigation, and these costs continue to be incurred.
Last year, McMahon stepped down as CEO, handing day-to-day control to his daughter Stephanie McMahon and Nick Khan, but he remained the controlling shareholder. Recently, he used his controlling stake to place himself and two others on the company’s board and announced intentions to explore strategic alternatives.
In the midst of these developments, WWE has a pending deal with Endeavor to merge with its UFC business and create a dedicated standalone sports company, TKO Inc., which is still on track to close in the coming months.
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