Vince McMahon has been in the news ever since he returned to WWE earlier this month. He was originally thought to have returned to only help in the process of selling WWE to a potential buyer. But soon he returned back to his former position as the Chairman of the Board. 3 Board members had to even resign to make room for him & his 2 associates. And last week, his daughter Stephanie McMahon resigned as the co-CEO as well.
Mr. McMahon has taken a turn again recently. He has filed a written consent amendment to WWE’s bylaws with the Securities and Exchange Commission. It will give him more power in the form of control as he will Not require the approval of the shareholders. The written filing which is of a lengthy nature, states that McMahon can now make WWE decisions on his own. He doesn’t have to take the consent of shareholders in meetings or votes. With the amendment now in place, he shouldn’t have any hindrance in the possible sale of the company.
According to new SEC filings, Vince McMahon is no longer required to have any the stockholders approval for major WWE decisions.
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It seems this drastic amendment is all for that possible sale happening in the coming months. Even if somehow the sale does not happen, Vince will have control over the decision on a media rights deal. It’s renewal is coming up as well.
However, Mr. McMahon’s plans of WWE’s sale and even the media rights renewal deal could go for a toss. That is because he is facing a class action lawsuit right now. A WWE shareholder has sued him in the state of Delaware over illegally using his 81% majority voting control to push 3 board members out of the company. Also for replacing them with people loyal to him.
Vince McMahon being sued, maybe there's time to restore what we lost. #WWE #WWERaw pic.twitter.com/CoEbiKjiXQ
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Also Detroit’s Police & Fire Retirement System has sued him seeking a declaration, making things more complicated.
After Stephanie’s resignation and his election, Vince is the Executive Chairman of WWE now. His son-in-law Triple H is still the Head of Creative but reportedly the 77 year old is allowed to suggest changes to shows.