Vince McMahon resigns from TKO Holdings and WWE
Vince McMahon is out, resigning from WWE and UFC parent company TKO Group Holdings after damning allegations of rape, defecation, sex trafficking and more.
“I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth,” McMahon said in a statement this evening. “I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.
“However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effectively immediately,” the WWE co-founder added.
WWE president Nick Khan also released as statement in an all staff email on Friday night.
“I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE,” said Khan.
McMahon came under fire after a 67-page lawsuit filed by Janel Grant, who worked in the company’s legal and talent departments, alleges that McMahon, forced her into a sexual relationship in order to keep her job.
The lawsuit also names WWE and John Laurinaitis, the company's former head of talent relations and general manager, as defendants.
Major sponsors of the WWE began to pull out of marketing agreements with the company on Friday, one day before the company’s Royal Rumble premium live event on Saturday from Tampa, Florida.
Slim Jim, one of the WWE’s partners released a statement on pausing their relationship with the company due to McMahon’s allegations.
Slim Jim values integrity and respect in all of our partnerships. Given the recent disturbing allegations against Vince McMahon, at this time we’ve decided to pause our promotional activities with WWE. This decision reflects our commitment to our brand values and responsibility to our community.
We will continue to monitor the situation and base our future engagements on our values and what’s best for our brand.
McMahon initially purchased the WWE from his father in 1982 for $1 million and turned the brand into a multi-billion wrestling empire. After owning the company for over 40 years, he sold the business to Endeavor in a massive $9.3 billion deal. Endeavor merged the WWE and UFC in $21 billion deal last year.
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