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December 29, 2019

WWE Sued By Stockholder Over XFL Ties

An Oklahoma firefighters pension fund filed a lawsuit on December 26 in Delaware Chancery Court against the WWE, according to Bloomberg Law. The group claims there is "a credible basis to believe" Vince McMahon and other WWE senior officers are not keeping up with their WWE duties as they focus resources towards the XFL, which is being run under McMahon's Alpha Entertainment, LLC.

The lawsuit also claimed that there hasn't been enough oversight on Vince by company board members as he "engages in transactions that are in conflict with WWE's interests" and want a look at WWE's internal records. Vince has previously said he plans on continuing his role as WWE Chairman and CEO for the foreseeable future.

It was reported by ESPN back in 2018 that McMahon had informed insiders that he would spend close to $500 million in the first three years of the XFL's existence. He's sold WWE shares ($100 million in 2017$270 million in 2019) to help fund Alpha Entertainment, LLC.


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