In what capped off one of the more remarkable 24-hour spells in WWE history, Vince McMahon returned to the company on January 6th.
A day earlier it had been revealed that McMahon was taking steps to come back, something later confirmed by the man himself. In order to facilitate his return, McMahon reinstated himself to WWE’s Board of Directors and took Michelle Wilson and George Barrios with him. JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler were promptly removed. They were followed out of the door by Ignace Lahoud and Man Jit Singh who resigned with immediate effect.
It has been reported that Man Jit Singh was the lead investigator on the internal Vince McMahon investigation.
Conversations Between Vince McMahon And WWE Revealed
As part of a United States Securities and Exchange Commission filing which confirmed McMahon’s return, the initial letters exchanged between the former Chairman and the company were revealed. The three letters span 11 days and see McMahon make his pitch to return to WWE.
In a letter dated December 20th, 2022, McMahon outlined his desire to return to the company in order to help facilitate a sale. McMahon stated that now that the “special committee investigation has been publicly disclosed,” WWE had a “unique” opportunity to maximise it’s value. He also pointed to upcoming media rights negotiations. McMahon added that as a result it was “critical” that he re-join the Board of Directors as Executive Chairman although he praised WWE’s current management team.
In a response on December 27th, WWE’s Board of Directors highlighted the success of the company and increase in share price over the last year. The Board also indicated that they would be happy to work with McMahon, however, also expressed a desire to keep him away from the company. It was explained that “while government investigations into your conduct by the U.S. Attorney’s Office and SEC are still pending,” his return “would not be prudent from a shareholder value perspective.”
The final letter is from December 31st and finds Vince McMahon in fighting mood after seemingly being rebuffed. He opened by saying that it was “disappointing” that the Board hadn’t addressed his comments about “maximising shareholder value.” McMahon went on to say that he would not support any negotiations unless he has “direct involvement and input as Executive Chairman from the outset.”
McMahon claimed that there was “no rationale” behind the Board blocking his return, noting that it would actually be necessary. The former Chairman said his plan was not motived by self-interest, but that it would be “improper” for the company to enter negotiations without full shareholder support. (Vince McMahon is majority shareholder).
This ties in with comments made in the Wrestling Observer Newsletter, where a source close to the situation said that WWE’s Board had blocked a previous return attempt. This caused McMahon to seek another avenue to make a comeback via shareholders.
At a meeting for employees after Vince McMahon’s return to the Board, it was emphasised that he will not be involved in the day-to-day running of the company.
Interestingly, there are already potential bidders showing interest if WWE officially goes up for sale. It has been reported that Saudi Arabia’s Public Investment Fund could be prepared to make an offer.