Vince McMahon Resigns as Executive Chairman of TKO Following Disturbing Allegations
Vince McMahon, the renowned executive chairman of TKO, the parent company of WWE, has announced his resignation in the wake of disturbing allegations of sexual assault, trafficking, and physical abuse. The allegations surfaced through a lawsuit filed by Janel Grant, a former WWE staffer who was employed at the wrestling giant’s headquarters. While McMahon has vehemently denied these allegations, he has made the decision to step down from his position. In a statement released on Friday, McMahon expressed his respect for the WWE Universe, TKO business, board members, shareholders, partners, and constituents, as well as the employees and Superstars who have contributed to WWE’s global success.
Reports regarding McMahon’s alleged settlements with multiple women during his tenure as CEO and chairman of WWE have been circulating since 2022. However, Grant’s lawsuit sheds new light on the extent of McMahon’s alleged misconduct. According to the lawsuit, Grant claims that McMahon offered her job promotions within WWE in exchange for sexual favors. She further alleges that McMahon trafficked her to other individuals both within and outside the company, including John Laurinaitus, a defendant in the suit who worked in the talent relations department. Grant’s lawsuit also accuses McMahon of subjecting her to acts of extreme cruelty and degradation during her time at WWE.
WWE president Nick Khan addressed McMahon’s resignation in an email to staff, stating that McMahon would no longer hold any positions with TKO Group Holdings or WWE. Khan’s email did not provide further details regarding the circumstances surrounding McMahon’s departure.
This is not the first time that McMahon has resigned from his role within WWE. He initially retired as CEO and chairman in July 2022 following allegations of sexual misconduct. At that time, WWE announced the formation of a special committee to investigate the claims made against McMahon. However, his retirement was short-lived, as the investigation concluded in November 2022, leading to McMahon’s return to WWE’s board in January 2023.
Grant’s lawsuit raises concerns about the culture within WWE, suggesting that the organization actively worked to conceal McMahon’s wrongdoing. She alleges that the special committee assigned to investigate McMahon failed to interview her or request any relevant documents, despite her willingness to cooperate.
McMahon’s resignation marks a significant turning point for the wrestling entertainment company he founded over four decades ago. As the largest shareholder of WWE, his presence on the board of TKO was crucial. TKO was formed in September through a merger between WWE and UFC, owned by Hollywood power-broker Ari Emanuel’s Endeavor Group. The deal valued the new company at over $21 billion, with WWE shareholders owning 49% of the combined entity.
The lawsuit filed by Grant exposes a distressing incident that allegedly occurred in 2021 at WWE’s headquarters. It describes a sexual assault involving McMahon, Laurinaitis, and Grant, during which Grant was forcibly restrained behind a locked door. As she pleaded for them to stop, one of the men allegedly responded, “No means yes.”
Grant’s attorney, Ann Callis, stated in a Thursday interview with CNN that the lawsuit aimed to hold accountable two WWE executives who sexually assaulted and trafficked Janel Grant. She also criticized the organization for either facilitating or turning a blind eye to the abuse and subsequently covering it up. Attempts by CNN to reach Laurinaitis for comment have so far been unsuccessful.
McMahon’s resignation coincides with WWE’s recent lucrative business partnerships. Dwayne “The Rock” Johnson, a former WWE wrestler himself, announced his addition to TKO’s board of directors earlier this week. McMahon praised this partnership, stating that few individuals understand the convergence of sports, entertainment, media, and business as well as The Rock does. As part of the deal, WWE will award Johnson $30 million in stock to promote the brand. In another major development, Netflix has secured the exclusive rights to “WWE Raw” starting in January 2025. The 10-year agreement is valued at over $5 billion.
As this story continues to unfold, it remains to be seen how McMahon’s departure will impact the future of WWE and TKO. The allegations against him have cast a shadow over the company’s culture, prompting questions about accountability and transparency. With new business partnerships on the horizon, WWE must navigate these challenges while ensuring the well-being and safety of its employees and Superstars.
