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Back in November 2023, several shareholders filed a lawsuit against WWE following its merger with the UFC and the foundation of TKO Group Holdings. Recently, some details of the lawsuit were made public and the company has been accused of covering up the investigation into the allegations against Vince McMahon back then.
Before the Janel Grant lawsuit that effectively ended McMahon's time with WWE, there was an investigation into the former chairman's hush money payments to various women amounting to a reported $12 million over the years.
Wrestlenomics reported that the special committee investigating the issue was a "sham" and a cover-up. The company allegedly put McMahon's interest over the shareholders.
Another part of the lawsuit claimed that WWE didn't entertain other offers, which might have been better than what the company received from Endeavor. It was also alleged that the reason for it was that McMahon wouldn't be in power if a different buyer was approved.
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Vince McMahon would later get elected as Executive Chairman of the Board of TKO. However, it didn't last after Janel Grant's lawsuit was filed in January 2024.
Update on rumors regarding former WWE Chairman Vince McMahon's new wrestling promotion
Following his Super Bowl appearance, there have been rumors about Vince McMahon potentially starting a new wrestling promotion. One of the speculated partners was Fox Sports. However, The Athletic's Andrew Marchand reached out to the network and a spokesman denied being part of any new project involving McMahon.
Marchand also pointed out that there's no concrete information regarding McMahon's plan. Other rumors include a potential entertainment studio, which was reported by Sean Ross Sapp of Fightful.
Eric Bischoff revealed late last year that he has insider information about Vince McMahon's next move. McMahon reportedly purchased a house in Santa Monica, California, as well as several production facilities. He even hired a couple of public relations people.
