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A WWE shareholder has filed a lawsuit against Vince McMahon and claims McMahon “pushed aside the board to illegally install himself as chairman.”
Bloomberg Law is reporting that the shareholder sued McMahon in Delaware and accuses McMahon of using his voting control to remove board members and replace them with members that were loyal to him. The report indicates that the shareholder also accuses McMahon of changing company bylaws to impose his will on the company. McMahon and the WWE did not issue a comment on the lawsuit.
McMahon announced his return to the company earlier this week. On Tuesday, Stephanie McMahon resigned from her post as CEO.
McMahon retired from WWE in the summer of 2022 amid allegations of sexual misconduct and a WWE Board of Directors investigation into millions of dollars worth of hush money payments to female employees with whom he allegedly had affairs with. Stephanie McMahon took over as chairman of the board and her husband, Paul Levesque, took over the creative responsibilities as Chief Content Officer of WWE.
Rumors swirled throughout the week as to a potential sale of WWE. McMahon claimed he was returning to WWE in an effort to position the company to sell or negotiate the next round of media rights deals for key properties like WWE Raw and WWE Smackdown.