The controversy surrounding Vince McMahon after his return to the WWE has only gotten deeper after facing a new lawsuit from a WWE shareholder.
Lawsuit Highlights McMahon’s ‘Abuse Of Power’
It has been revealed that a WWE shareholder has sued the Chairman of the WWE, Vince McMahon. He accuses Vince McMahon of utilizing his 81 percent voting control to illegally impose his influence and power to maneuver changes upon the WWE. McMahon has been accused of illegally controlling the WWE to make changes in the board and interfere with media rights.
It must be clarified that Vince McMahon’s 81 percent does not equate to having 81 percent ownership rights of the WWE. According to sports journalist Reece Kelley Graham, in reality, McMahon owns 36.7% of Class B shares and still has minority shareholders to answer to. The recent lawsuit suggests that Vince McMahon has exhibited various shortcomings and hasn’t pleased shareholders. It charges McMahon with the breach of fiduciary duty. Also Read: Vince McMahon Makes A Shocking Yet Controversial Return To The WWE
The Controversy Laden Return of Vince McMahon
Vince McMahon had retired as the Chairman of the WWE last year after a Wall Street Journal investigation alleged that the billionaire had paid millions to silence various women accusing him of sexual misconduct.
Shockingly, McMahon made a controversial return to the company. Not only did he re-instate himself to the WWE’s Board of Directors but was unanimously voted back as the Chairman of the Board. Coincidentally, the Board of Directors had previously voted against the return of McMahon before. They viewed his return and involvement with the company as detrimental. The Board comprised names such as Nick Khan, Stephanie McMahon and Paul Levesque (Triple H).
McMahon returned to the company and claimed that it was solely to pursue a sale of the company. Since then, his daughter and former Co-CEO of the WWE, Stephanie McMahon handed in her resignation. Additionally, Ignace Lahoud and Man Jit Singh have consequently resigned from the Board of WWE. Man Jit Singh was the leading internal investigator on the McMahon scandal.
It has been alleged that Vince McMahon has controversially sold the company to Saudi Arabia’s Public Investment Fund. The news hasn’t been confirmed by the WWE at the time of writing this article. Also Read: Report: Vince McMahon Sells A Shattered WWE To Saudi Arabia
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