Vince McMahon’s return to WWE has caused quite a stir inside and outside of the wrestling business.
It has only been six days since McMahon announced his return to World Wrestling Entertainment. Since then, co-CEO Stephanie McMahon has stepped down from her position, and rumours have been flying around regarding the company’s sale, with the Saudi Investment Fund among the names reportedly interested in buying.
Now, McMahon is amid legal action, brought on by his steps to reclaim his position of power.
Class Action Lawsuit Filed Against Vince McMahon Following WWE Comeback
A recent news report from Bloomberg has confirmed that a WWE shareholder has sued Vince McMahon.
“A shareholder sued McMahon in Delaware’s Chancery Court, accusing him of wielding his 81% voting control to oust three board members, replace them with loyalists, and push through bylaw changes that would ‘impose his will on the board and WWE.'”
The lawsuit follows McMahon’s return to WWE, having been unanimously voted Chairman of the Board. He had previously retired on July 22nd, 2022, after numerous allegations of sexual misconduct were levied against him. Legal action against McMahon was expected after a report yesterday.
Regarding WWE’s rumoured sale, a deal which McMahon returned to facilitate, the lawsuit mentioned the following;
“The move to “take complete personal control over any major corporate decision” by “adding his cronies to the board” violates Delaware law.”
McMahon’s name is on the lips of everybody at the moment, with top stars growing anxious about his potential return to creative. After his retirement, McMahon’s son-in-law Triple H was promoted to Chief Content Officer of WWE, meaning that he oversees all of WWE’s creative output.
Though rumours of a sale have been running rampant today, including the aforementioned interest of the Saudi Investment Fund, no official word on the matter has been released by the company. According to a recent report, there are doubts about whether McMahon actually wants to sell the organisation.