In a move that sparked chaos across the wrestling world, WWE formally announced Vince McMahon’s return to the company on January 6th.
In order to make a return possible McMahon ousted JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler from the Board of Directors. This enabled the return of himself, Michelle Wilson and George Barrios.
Vince McMahon’s Return Caused Board Members To Quit
As part of the announcement it was also revealed that two further Board members had resigned with immediate effect. These were Ignace Lahoud and Man Jit Singh. It was reported that Man Jit Singh was the lead investigator on the internal Vince McMahon investigation.
While many speculated that their exits were linked to McMahon’s return, this has now been confirmed. In a new 8-K filing WWE states that the Directors left because they disagreed with Vince McMahon coming back to the company.
“While Messrs. Lahoud and Singh agreed with the Board’s decision to explore the Company’s strategic alternatives, they did not agree with Mr. McMahon’s return at this time.”
Those “strategic alternatives” were said to be the sale of the company, something which has created a great deal of uncertainty. Following mixed reports regarding a sale to Saudi Arabia’s Public Investment Fund, it has now been reported that there is no deal in place between the two parties.
Meanwhile, it has also been suggested that some potential buyers have doubts over whether McMahon actually intends to sell the company.
It has now been revealed that Vince McMahon is facing a class action lawsuit in relation to his comeback. The report states that a WWE shareholder is suing McMahon for the way which he forced his way back onto the Board. The report from Bloomberg states the following:
“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.’”
Vince McMahon retired from his role with WWE in July 2022 after a string of sexual misconduct claims were made against him, while it is alleged that he paid more than $12 million in secret settlements to supress the allegations.