Top WWE executives such as Vince McMahon, are facing the possibility of a lawsuit over WWE merger with UFC to form the new TKO.
Lawsuit
The suit was reopened in the last week, and it was revealed that an Ohio pension fund had alleged McMahon as well as other Board members sought an “quick sale” and a favorable deal to Endeavor. The suit claimed McMahon was able to negotiate the deal with Endeavor due to his connection of Ari Emanuel, who founded the company.
The Hollywood Reporter and Bloomberg Law first reported on the story. A few investors believe this deal was made in order to permit McMahon to continue the position of TKO Executive Chairman while making it easier for McMahon to avoid being removed for sexual misconduct accusations that were released this year.
It was reported that WWE was turned down by two cash-only bids that they believed to have better terms. While other potential bidders were not identified but they were reported to have been “major institutions with significant access to capital” which had “compelling reasons to close an acquisition of WWE.”
