It’s being reported by ESPN that Vince McMahon has resigned as Executive Chairman of TKO Group Holdings (NYSE: TKO), the parent company of WWE. McMahon reportedly provided a statement to ESPN tonight on the events, although no official version is yet publicly available.
TKO has yet to make a public statement on McMahon’s resignation, however his name has been removed from the company’s website.
The resignation follows McMahon on Thursday being sued by Janel Grant, a former employee at the WWE’s headquarters, who alleges that McMahon, along with John Laurinaitis, a former WWE executive, and the company as a whole engaged in sex trafficking.
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“I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. [..] However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately,” the statement reportedly reads.
McMahon, who briefly retired in 2022, returned to WWE in 2023, elected himself to the board, and negotiated a sale of WWE to Endeavor Group, owner of the UFC, with an enterprise value of $9.3 billion.
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