The Wall Street Journal reported on Thursday Vince McMahon is making a play to return to WWE.
The report also notes McMahon plans to return to WWE in order to pursue a sale of the company. In addition, it is being said McMahon notified WWE that he will not, as majority owner, “support or approve any media-rights deal or sale if he was not named executive chairman to lead a review process.”
McMahon was quoted as saying the following in a press release issued on Thursday:
“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 Wall Street Journal further notes the following:
-McMahon notified WWE he is electing himself and former company co-presidents, George Barrios and Michelle Wilson, to the board of directors. Three current members of the board will be required to vacate their positions as a result.
-McMahon is said to believe that he will assume the role of executive chairman upon returning. However, WWE’s Board of Directors would need to approve this.
-McMahon sent a letter to WWE in late last month December detailing his desire to return in order to spearhead a sales process of the company. WWE’s board responded to McMahon that they are willing to work with him on a review process for a sale and unanimously agreed McMahon returning to WWE was not in the best interests of shareholders.
-The board inquired as to McMahon’s commitment to repay company expenses relating to the investigation into allegations of the hush money payments. They also asked McMahon not to return to WWE while the government probes into the matter are ongoing.
-McMahon responded that he is willing to cover reimbursement for reasonable expenses incurred due to the investigation that were not covered by insurance. He did not agree to return to the company while government examinations are ongoing.
Secondary source: F4WOnline
According to Fighful Select, multiple sources were “floored” by the news. The report also notes that no one in any department – talent, production, creative or general staff – said they were tipped off or given any information before or immediately after the Wall Street Journal’s report. Sources who spoke anonymously to Fightful Select made it clear that Vince is not wanted back. However, it was further said that Vince does still have some supporters
Furthermore there has been some concern among talent that if Vince came back, he could return to the creative side of the company. One talent said, “Finding out online is scary, and it’s Vince so I don’t believe a word that he says. I’m hoping current management and everything doesn’t change, but only time will tell.” The same talent went on to say that they a lot of respect for Triple H and Stephanie McMahon. Another talent said the roster would be in an “uproar if Vince returned to the head of creative.” One very concerned higher-up in WWE told Fightful Select – “I can’t count how many interviews I’ve read or people I talked to outside of the company that said ‘Vince liked me, but I got fired…He didn’t like you, he didn’t like any of them he fired or they wouldn’t have been fired during a pandemic.”
Jerome’s thoughts:
Vince McMahon is in nothing more than a power play with WWE’s Board of Directors. He is is basically plotting to hold the company hostage in the media rights negotiations until he gets what he wants – full control. Yes the company was his baby so to speak. However, due to the poor decisions he made its best he stays out of power. There has been a number of talent that stated in the past that should Vince McMahon return, they are gone once their current deal is up. Many talent and office staff have said that the company is more relaxed and fun to work at without Vince McMahon at the helm.
Should Vince return, this could be a disaster for WWE and its stockholders. Yes, television ratings for Raw has not been over 2 million, but for the most part, storylines have improved. SmackDown continues holding at steady at over 2 million viewers a week as that show also is better under Triple H. Creatively the company would tank. Stephanie McMahon and Nick Khan probably would be out. What about Triple H? Could it be expected that Vince would clean house in WWE? Probably, as he has already nominated past co-presidents Michelle Wilson and George Barrios.