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Vince McMahon is officially back on the WWE Board of Directors.
In a new company filing, McMahon and former presidents, Michelle Wilson and George Barrios, officially returned to the board. Alan Wexler, JoEllen Lyons Dillon, and Jeffrey Speed were removed.
On Thursday, the Wall Street Journal reported that McMahon was angling for a return to the company in order to oversee and manage a potential sale of the company as well as content rights negotiations. Fightful is reporting that McMahon has changed the company bylaws so that media rights deals and a company sale cannot be finalized without his approval.
McMahon released a press release on Thursday confirming the Wall Street Journal Report.
“Mr. McMahon’s new role will enable unified decision making through the Company’s upcoming media rights negotiations and a parallel full review of the Company’s strategic alternatives, which Mr. McMahon believes is the right course of action and in the best interests of WWE and WWE shareholders amidst the current dynamics in the media and entertainment industry,” the press release stated. “As Mr. McMahon has communicated to the Board, he believes there is a narrow window of opportunity to create significant value for all shareholders and that to do so, the strategic alternatives review must occur in tandem with the media rights negotiations. He also expressed to the Board that he believes these two initiatives require Mr. McMahon’s direct participation, leadership, and support as controlling shareholder.”
McMahon retired from WWE in the summer amidst allegations of sexual misconduct and hush money payments to employees with whom he allegedly had affairs with.