Vince McMahon has released an official statement on an intent to return to WWE.
Writing on PR Newswire, McMahon has announced that he has “taken necessary actions” to provide long-term value for all WWE shareholders.
Vince McMahon Makes Official Statement Regarding WWE Return
The new role will see the former CEO make decisions on the company’s media rights negotiations, as Vince McMahon believes that the return is vital to capitalise on the upcoming opportunities:
“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” said Mr. McMahon. “The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”
The news comes following The Wall Street Journal breaking the news that McMahon is intending to return to the company to sell WWE. It is being reported that McMahon intends to join the board of directors along with fellow former employees Michelle Wilson and George Barrios. The move is said to require 3 current directors to vacate their positions.
In regards to the returns of Wilson and Barrios, Vince McMahon has said the following in his statement:
“Ms. Wilson and Mr. Barrios are highly qualified directors whose professional experience positions them well to help the Company achieve the best possible outcomes in both initiatives. As former WWE Co-Presidents and Board members, they are intimately familiar with industry dynamics and the organization’s operations and have helped guide the Company through past successful media rights negotiations. I look forward to working closely again with Michelle and George – as well as the Company’s remaining directors and management team, who have my full support and confidence. WWE has an exceptional management team in place, and I do not intend for my return to have any impact on their roles, duties, or responsibilities.”
It has also been confirmed that the former WWE CEO did send 2 separate letters to the Board of Directors in December 2022, where the urgency to return was first expressed.
The statement concludes with no guarantees being given as to the nature of the outcome or a timeframe of this process. McMahon will also provide no further comment until the process has reached its conclusion.
Inside The Ropes will provide further updates to this story when it becomes available.