So, it seems ole’ Vince McMahon, the big boss man over at TKO Group Holdings, is in the mood to offload a hefty chunk of his ownership in the merged entity of UFC and WWE. I guess even wrestling moguls need some extra cash for those flashy suits and high-stakes poker games.
According to our dear friend, the Securities and Exchange Commission (SEC), McMahon, who’s pushing 80 by now, plans to sell off a whopping 8.4 million shares of his stock in the combined company. That’s no small change either—it adds up to around $700 million worth! Talk about pocket change for a rainy day.
Now don’t go thinking that Vince is going totally cold-hearted here. No sirree! Endeavor—yeah, that fancy agency that swooped in like a knight in shining armor to buy up all things UFC and WWE—will be buying back $100 million of that sweet stock he’s releasing into the wild.
And lo and behold! It turns out Ari Emanuel (CEO of Endeavor) and Mark Shapiro (TKO president/Endeavor COO) are also diving into their piggy banks with $1 million each to snatch up some more shares. But wait…there’s more! Another $850,000 worth will be snatched up by “other directors” involved with this magical company kingdom.
But hey folks, fear not—the empire remains intact as Endeavor already holds 51 percent stake in TKO Group Holdings; they’re practically calling all the shots anyway!
What’s Next for Good Ol’ Vince?