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World Wrestling Entertainment (WWE) owner Vince McMahon has sold close to US$272 million worth of stock in the entertainment business to help finance his quest to revive the XFL spring football league.
As per an official filing with the Securities and Exchange Commission (SEC), it was confirmed this week that McMahon has given way to more than 3.2 million shares ‘primarily to fund’ Alpha Entertainment, his own sports and entertainment investment venture behind plans to relaunch the XFL in February 2020.
The latest stock sold represents roughly 4.1 per cent of WWE’s total outstanding shares of which McMahon owns 28,682,948 in the company’s Class B common stock. The figure amounts to around 80.1 per cent of the company’s total voting power, it was added.
McMahon announced in January last year his plans to revive the XFL in 2020, nearly two decades after the controversial professional football league, which was previously operated as a joint venture between WWE and broadcaster NBC, folded in 2001 after only one season.
A revamped competition has been dubbed XFL 2.0, with reports earlier this year claiming that McMahon has also held talks with US broadcasters ESPN and Fox over a prospective rights deal.
According to reports, McMahon has raised nearly US$400 million for the project from selling WWE stock over the past 15 months. In total, it is reported that McMahon is looking to spend around US$500 million in the XFL’s first three seasons.
The WWE said in a statement: ‘Mr McMahon has informed the company that he has no current plan to sell additional shares of the company’s stock and that he intends to continue in his capacity as the company’s chairman and chief executive officer for the foreseeable future.’
World Wrestling Entertainment (WWE) owner Vince McMahon has sold close to US$272 million worth of stock in the entertainment business to help finance his quest to revive the XFL spring football league.
As per an official filing with the Securities and Exchange Commission (SEC), it was confirmed this week that McMahon has given way to more than 3.2 million shares ‘primarily to fund’ Alpha Entertainment, his own sports and entertainment investment venture behind plans to relaunch the XFL in February 2020.
The latest stock sold represents roughly 4.1 per cent of WWE’s total outstanding shares of which McMahon owns 28,682,948 in the company’s Class B common stock. The figure amounts to around 80.1 per cent of the company’s total voting power, it was added.
McMahon announced in January last year his plans to revive the XFL in 2020, nearly two decades after the controversial professional football league, which was previously operated as a joint venture between WWE and broadcaster NBC, folded in 2001 after only one season.
A revamped competition has been dubbed XFL 2.0, with reports earlier this year claiming that McMahon has also held talks with US broadcasters ESPN and Fox over a prospective rights deal.
According to reports, McMahon has raised nearly US$400 million for the project from selling WWE stock over the past 15 months. In total, it is reported that McMahon is looking to spend around US$500 million in the XFL’s first three seasons.
The WWE said in a statement: ‘Mr McMahon has informed the company that he has no current plan to sell additional shares of the company’s stock and that he intends to continue in his capacity as the company’s chairman and chief executive officer for the foreseeable future.’
