Vince McMahon is selling the rest of his TKO stock.
In a new SEC filing, it was noted that the disgraced former WWE Chairman has registered his remaining 8,021,405 shares of stock for sale. Additionally, WWE President Nick Khan has registered 234,424 shares for sale and TKO Board member Steve Koonin registered 3,508 shares for sale.
It is to be noted that registering the shares for sale does not mean that they’ve been sold just yet. If all of the shares are sold, Vince McMahon would be completely out of WWE in terms of any ownership stake.
The shares amount to about 4.7% of total TKO shares.
You can check out the official SEC filing below:
This prospectus relates to the resale of up to 8,258,887 shares of our Class A common stock by the selling stockholders named in this prospectus or their permitted transferees.
On September 12, 2023, World Wrestling Entertainment, Inc., a Delaware corporation (“WWE”) and Endeavor Group Holdings, Inc., a Delaware corporation (“Endeavor”), consummated the business combination of the businesses of WWE and TKO Operating Company, LLC (“TKO OpCo”), which owns and operates the Ultimate Fighting Championship (“UFC”), pursuant to the transaction agreement (the “transaction agreement”), by and among Endeavor, Endeavor Operating Company, LLC, a Delaware limited liability company and subsidiary of EDR (“Endeavor OpCo”), TKO OpCo, WWE, TKO Group Holdings, Inc. (f/k/a New Whale Inc.), a Delaware corporation (“TKO Group Holdings”), and Whale Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of TKO Group Holdings (“Merger Sub”).
We are registering the offer and sale from time to time of shares covered by this prospectus pursuant to such stockholders’ registration rights under a registration rights agreement between us and such stockholders. Subject to any contractual restrictions on them selling the shares of our Class A common stock they hold, the selling stockholders may offer, sell or distribute all or a portion of their shares of our Class A common stock publicly or through private transactions at prevailing market prices or at negotiated prices. We will not receive any of the proceeds from the sale of the shares of our Class A common stock owned by the selling stockholders. We will bear all costs, expenses and fees in connection with the registration of these shares of our Class A common stock, including with regard to compliance with state securities or “blue sky” laws. The selling stockholders will bear all commissions and discounts, if any, attributable to their sale of shares of our Class A common stock.
Vince McMahon, the former WWE Chairman, is making headlines once again as he prepares to sell the rest of his TKO stock. In a recent SEC filing, it was revealed that McMahon has registered his remaining 8,021,405 shares for sale. This move comes as no surprise considering McMahon’s controversial departure from WWE and his desire to distance himself from the company.
Accompanying McMahon in this stock sale are WWE President Nick Khan and TKO Board member Steve Koonin, who have registered 234,424 shares and 3,508 shares for sale, respectively. However, it is important to note that registering the shares for sale does not mean they have been sold yet. If all of the shares are indeed sold, McMahon will no longer hold any ownership stake in WWE.
The shares being sold by McMahon, Khan, and Koonin represent approximately 4.7% of the total TKO shares. This significant amount of stock hitting the market could have an impact on the company’s value and future direction.
For those interested in the details of the SEC filing, it states, “This prospectus relates to the resale of up to 8,258,887 shares of our Class A common stock by the selling stockholders named in this prospectus or their permitted transferees.” The filing also provides background information on the business combination between WWE and TKO Operating Company, LLC (TKO OpCo), which owns and operates the Ultimate Fighting Championship (UFC).
The registration of these shares is being done in accordance with the stockholders’ registration rights under a registration rights agreement between WWE and the selling stockholders. This means that the stockholders have the right to offer, sell, or distribute their shares publicly or through private transactions at prevailing market prices or negotiated prices. It is worth noting that WWE will not receive any proceeds from the sale of these shares, and they will bear all costs, expenses, and fees associated with the registration process.
The decision to sell his remaining TKO stock further solidifies McMahon’s departure from the wrestling industry. After a long and influential career, McMahon’s exit marks the end of an era for WWE. It remains to be seen how this stock sale will impact the company’s future and whether it will lead to any significant changes in ownership or management.
As fans and investors await the outcome of this stock sale, it is clear that Vince McMahon is ready to move on from his involvement in WWE. Whether this decision is driven by personal reasons or a desire to explore new ventures, only time will tell. Nonetheless, the sale of his remaining TKO stock signifies a significant shift in the wrestling landscape and leaves fans wondering what lies ahead for both McMahon and WWE.