New lawsuit alleges Vince McMahon and WWE Board rushed the’sham sales process’
New lawsuit alleges Vince McMahon and WWE Board rushed the’sham sales process’ in todays Wrestling news
The lawsuit claimed that McMahon gave preference to Endeavor.
When it was announced that WWE and UFC would merge to form the new TKO earlier this year, not everyone was happy.
A recent lawsuit filed by an Ohio pension plan that was unsealed by the court last week alleges that former WWE Executive Chairman Vince McMahon, along with other Board members, pushed for a “quick” sale and a favorable deal to Endeavor. Endeavor is founded by McMahon’s friend and ex-agent Ari Emanuel.
The Hollywood Reporter broke the news first on Monday. TKO has not yet publicly responded to the lawsuit.
The investors are suing because they believe the deal was made to allow McMahon stay on as TKO’s Executive Chairman, and to avoid further complications or a possible removal due to sexual abuse allegations that arose during the summer of 2022. The suit claims that WWE rejected two all-cash deals they believed had better terms.
The other bidders were not identified, but they were described as “major financial institutions with significant capital access” who had “compelling motives to complete an acquisition of WWE.”
The report:
According to the complaint, these included companies that were not disclosed submitting cash offers of $95-$100 or $90-$97.50 for each share. The suit claims that because they were contemplating cashing out WWE stockholders, and preventing McMahon’s rolling over of his shares, which would have signaled McMahon’s “complete removal” from the world of wrestling, the board never “bothered to make” any counterproposals.
The lawsuit claimed that the $95,66 per share price at which the WWE/Endeavor merge closed was lower than the other offers.
They claim McMahon, along with other Board members, “conjured up an illusory sales process” in order to “put Endeavor at the forefront” and “exclude” other bidders who were looking to get rid of McMahon. He, Nick Khan and George Barrios were also named as defendants in the lawsuit, which sought to represent all stockholders that cashed out their shares in the merger.
Khan, Levesque, and Frank Riddick also received a combined bonus of $25 million.
New lawsuit alleges Vince McMahon and WWE Board rushed the’sham sales process’ in todays Wrestling news, Chatalong Chatbox, Results will be Hidden inside a spoiler Button so you will not bet spoiled about direct results.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~