Vince McMahon has sold approximately $272 million worth of WWE stock to help finance his plans to revive the XFL. The American billionaire has committed more funds to 2020 spring football league.
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.
He, however, will continue to be the Chairman and the Chief Executive of the World Wrestling Entertainment Company.
“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,” WWE has confirmed in a statement.
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Sportspromedia, citing an official filing with the Securities and Exchange Commission (SEC), has reported that McMahon has given away 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 $272 mn sold stocks represent around 4.1% of WWE’s total shares. McMahon owns 28,682,948 shared in the company’s Class B common stock. With this he controls around 80.1% of the company’s total voting power.
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.