“I wished to tell you that Vince McMahon has tendered his resignation from his positions as TKO Govt Chairman and on the TKO Board of Administrators,” WWE president and TKO board member Nick Khan mentioned in an e-mail to workers seen by Selection. “He’ll not have a job with TKO Group Holdings or WWE.”
McMahon’s exit comes after former WWE employee Janel Grant filed a lawsuit in opposition to him, the corporate, and former WWE govt John Laurinaitis. The lawsuit alleges that McMahon abused and sexually exploited her and likewise trafficked her to different males, together with Laurinaitis, who was previously WWE’s head of expertise relations.
In response to Grant’s lawsuit, McMahon and Laurinaitis — on WWE property and utilizing WWE funding — each engaged in sexual assault and trafficking of Grant “each for their very own pleasure and as a pawn to safe expertise offers with potential wrestlers they have been recruiting.” McMahon “repeatedly used intercourse toys named after different WWE staff, wrestlers and performers to sexually groom Ms. Grant for trafficking to those self same folks,” per the go well with. A duplicate of the lawsuit is accessible at this link.
“I stand by my prior assertion that Ms. Grant’s lawsuit is replete with lies, obscene made-up situations that by no means occurred, and is a vindictive distortion of the reality,” McMahon mentioned in a press release. “I intend to vigorously defend myself in opposition to these baseless accusations, and look ahead to clearing my title. Nonetheless, out of respect for the WWE Universe, the extraordinary TKO enterprise and its board members and shareholders, companions and constituents, and all the staff and Superstars who helped make WWE into the worldwide chief it’s as we speak, I’ve determined to resign from my govt chairmanship and the TKO board of administrators, efficient instantly.”
The lawsuit was filed days after it was introduced that WWE had secured a deal with Netflix to start airing “Monday Night time Uncooked” starting in 2025. The deal is valued at $5 billion.
McMahon previously stepped down as WWE’s CEO in June 2022 amid an investigation by the corporate’s board into alleged hush-money funds to ladies who accused him of sexual misconduct over a interval of almost 20 years. McMahon used his place as WWE’s largest shareholder to return to the company in January 2023 as govt chairman to steer efforts to promote WWE, which was then merged with UFC to kind TKO Group Holdings.
McMahon’s daughter, Stephanie McMahon, served as co-CEO and chairwoman of the board of administrators following her father’s exit. She resigned from the company lower than every week after his return after having been with WWE in varied capacities for many of her life.
As WWE’s chief govt, McMahon made payments totaling $19.6 million relationship again to 2007 associated to alleged misconduct, the corporate disclosed. In March 2023, McMahon paid WWE $17.4 million for prices the corporate incurred in investigating misconduct allegations in opposition to him.