Eric Bischoff believes that TKO has done a fantastic job distancing themselves from Vince McMahon following his resignation in January 2024.
McMahon stepped down from TKO/WWE following allegations of sexual abuse and trafficking by Janel Grant. McMahon has denied all allegations.
On a recent edition of his “Strictly Business” podcast, Bischoff spoke about TKO’s efforts to make it clear that McMahon is gone and that he will not be returning. He said,
“I think TKO has done a great job, they’ve had to, given the litigation and everything that’s at risk, of distancing itself from Vince McMahon and other than that 12% voting stock, which could potentially in a very unique situation matter.”
Speaking about the remaining shares McMahon has in TKO, Bischoff speculated on what will become of them. He said,
“In combination with other voting shares [who] may vote along the same lines as what Vince may want to vote on? Then it could become meaningful if it’s a close vote.
Vince will eventually cash out or his family will inherit his shares upon death. I don’t think Vince’s relationship with TKO, vis-à-vis his 12%, is really gonna matter. Technically it could, but practically I don’t think it’ll ever matter.”
This week, McMahon reportedly sold around $400 million worth of his stock in TKO, in a move that didn’t involve TKO’s involvement, according to COO Mark Shapiro.
Title: TKO Successfully Distances Itself from Vince McMahon Following Resignation
Introduction
In January 2024, Vince McMahon, the former CEO of TKO/WWE, resigned from his position amidst allegations of sexual abuse and trafficking. Since then, TKO has made significant efforts to distance itself from McMahon and ensure that he will not be returning. In this article, we will explore the steps taken by TKO to separate itself from McMahon and the potential implications of his remaining shares in the company.
TKO’s Efforts to Distance Itself
Eric Bischoff, a prominent figure in the wrestling industry, commended TKO for its successful efforts in distancing itself from McMahon. Given the litigation and potential risks involved, TKO has taken significant measures to make it clear that McMahon is no longer associated with the company. These efforts include public statements, internal restructuring, and a focus on rebuilding trust with fans and stakeholders.
Remaining Shares and Potential Implications
Although McMahon has resigned, he still holds a 12% voting stock in TKO. Bischoff speculates on the future of these shares and their potential impact on the company. While technically these shares could hold significance if combined with other voting shares aligned with McMahon’s interests, practically speaking, Bischoff believes they will not have a substantial influence on TKO’s operations.
McMahon’s Decision to Sell Stock
Recent reports indicate that McMahon sold approximately $400 million worth of his stock in TKO. This move was made independently by McMahon and did not involve TKO’s participation. The sale of his shares further emphasizes McMahon’s disassociation from the company and his decision to move on from his involvement in TKO.
Future Outlook
Bischoff suggests that McMahon will likely cash out his remaining shares or pass them on to his family upon his death. Given the circumstances surrounding McMahon’s resignation and the ongoing efforts by TKO to distance itself from him, the impact of his 12% voting stock is expected to be minimal. However, in unique situations where a close vote arises, these shares could potentially hold some significance.
Conclusion
TKO has successfully distanced itself from Vince McMahon following his resignation in January 2024. The company has taken significant steps to ensure that McMahon’s association with TKO is severed, including public statements and internal restructuring. While McMahon still holds a 12% voting stock in the company, industry experts believe that its practical impact on TKO’s operations will be minimal. As TKO continues to move forward, it remains focused on rebuilding trust and maintaining its commitment to providing quality entertainment for its fans.