Vince McMahon Plans On Continuing As WWE Chairman For "Foreseeable Future" After Selling Stocks

Vince McMahon isn't going anywhere despite recently selling some of his WWE stock.

Brandon Howard Thurston reports that Vince McMahon has sold over 3 million shares of his WWE stock, which comes out to roughly $270 million. Thurston reports that the sale was primarily to fund Alpha Entertainment/XFL. Vince still has 36.8% of company stock and 80.1% of voting power. The document reads:

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On March 27, 2019, Vincent K. McMahon (“Mr. McMahon”), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the “Company”), sold 3,204,427 shares of the Company’s Class A common stock in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended. Mr. McMahon executed the sale primarily to fund a separate entity from the Company, Alpha Entertainment LLC “Alpha”), which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including launching a professional football league under the name “XFL”. Alpha has announced that this launch will occur in early 2020. Mr. McMahon has informed the Company that he has no current plan to sell additional shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.

The shares sold by Mr. McMahon represent approximately 4.1% of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 28,682,948 shares of the Company’s Class B common stock, which represents approximately 80.1% of the Company’s total voting power and approximately 36.8% of the Company’s total outstanding shares of common stock.

You can view the full document here.

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