World Wrestling Entertainment majority shareholder Vince McMahon confirmed his intention to return to the company on Thursday.
McMahon, 77, issued a press release hours after the Wall Street Journal’s Lauren Thomas reported that the former chairman wanted to return to the post to pursue a sale of the company.
In July, McMahon announced his resignation from the company amid an investigation into his alleged sexual conduct. Along with his duties as chairman, McMahon stepped down as head of the promotion with his brother-in-law, Paul “Triple H” Levesque, taking over the role.
McMahon cited the company’s media rights agreements with NBC Universal and FOX, which expire in 2024, and upcoming renegotiations as timing for his return.
“WWE is entering a critical moment in its history with upcoming media rights negotiations that coincide with increased industry-wide demand for quality content and live events and with more companies wanting to own the intellectual property on their platforms,” McMahon said in statement. “The only way for WWE to take full advantage of this opportunity is for me to return as executive chairman and support the management team in negotiating our media rights and combine that with a review of strategic alternatives.” My return will allow WWE, as well as all parties to the transaction, to engage in these processes knowing that they will have the support of the controlling shareholder.”
To facilitate the return, McMahon is appointing Michelle Wilson and George Barrios, two former co-presidents of the company, to the board, which will require the departure of three current board members.
After McMahon’s departure, his daughter Stephanie McMahon served as chairman and co-CEO alongside WWE president Nick Hahn.
In August, the company disclosed $19.6 million in unreported expenses from 2007 to 2009, with most of the payments going to women accusing McMahon of misconduct.
WWE has not commented on McMahon’s proposed return.
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