Can Vince McMahon put WWE up for sale if he wishes to?

One of the biggest news stories that has transpired in the wrestling industry recently has been the potential WWE sale coinciding with Vince McMahon's return to the Stamford-based promotion. Although the company is made up of numerous shareholders, it looks like the power rests on just one person.

Vince announced his retirement from WWE in July 2022 at the age of 77. His daughter Stephanie McMahon then took his place and became the Chairwoman and Co-CEO alongside Nick Khan. Paul "Triple H" Levesque proceeded to take up the role of Chief Content Officer.

McMahon's return as a member of the Board this month marked multiple changes in the company. Stephanie has since stepped down from her position and Nick became the sole CEO, while Triple H remained in his position. However, the most significant difference is that WWE was put on sale.

In another recent SEC filing, it was revealed that Vince McMahon could definitely put the company on sale if he wished to do so as he can now make decisions even without the approval of stockholders.

"In light of the foregoing, on January 16, 2023, Mr. McMahon, in his capacity as controlling stockholder of the Company, executed and delivered a written consent (the “January 16th Consent”) taking certain actions by consent without a meeting in accordance with Section 228 of the DGCL to substantially repeal the January 5th Amendments, as further described below in Item 5.03. (...) No further approval of the stockholders of the Company is required to approve any of the actions taken by Mr. McMahon."

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Vince McMahon has always had major power regarding WWE's sale

The 77-year-old has definitely had the most influence in putting the Stamford-based promotion on the radar, especially when it comes to the company's mainstream impact. Due to his many years of experience, it's no wonder why he always made sure to hold most of its power.

As reported by the Security and Exchange Commission, Vince McMahon holds more than 69,000 shares of Class A common stock and more than 28 million of Class B. The holdings of the latter represent 92% of the total shares.

It should also be noted that the share of Class B common stock amounts to ten votes. The report also noted how the shares of Vince represent “approximately 81.0% of the Issuer’s total voting power."

It remains to be seen what will transpire regarding the WWE sale, Vince McMahon's role and whether other major changes will be seen within the company, internally, or with the product itself.