Vince McMahon and Oliver Luck Settle XFL Lawsuit

From Cageside Seats:

Settlement talks had broken down between McMahon and Oliver Luck, who had been commissioner of the rebooted XFL football league. Vince claimed the executive had been fired for cause; Luck believed it was a cost-cutting move ahead of shuttering the whole operation at the start of the pandemic.

Luck was suing for the roughly $24 million in compensation he said he was due. McMahon’s counter-claim focused on Luck’s signing of wide receiver Antonio Callaway, whose 2018 legal issues violated the league’s mandate to not sign players with any off-the-field issues. In depositions, Luck’s lawyers brought up McMahon’s own felony charge from his 1994 federal steroid trial, seemingly to demonstrate the mandate was hypocritical.

Last Wednesday (June 15), as we learned the Luck suit was headed to trial in July, the Wall Street Journal’s report on the WWE Board’s investigation into alleged misconduct by McMahon hit. Vince has since stepped down from his roles as CEO & Chairman, with his daughter Stephanie assuming those responsibilities on an interim basis.

Sports Business Journal now says a recent court filing shows that Luck & McMahon have agreed to settle. In a June 17 brief to the court requesting the remaining records in the case be sealed, Luck’s lawyer Paul Dobrowski wrote: ”The parties reached an agreement to resolve this case on June 16, 2022.” McMahon’s lawyer, Jerry McDevitt, does not oppose the motion.

Stephanie McMahon Named Interim WWE CEO And Chairwoman

WWE and its Board of Directors jointly released the following statement today:

Independent directors continue review of alleged executive misconduct Stephanie McMahon named interim CEO and interim Chairwoman

WWE and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.  McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway.

The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” said Mr. McMahon.

“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace.  I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,” said Ms. McMahon.

WWE and its Board of Directors take all allegations of misconduct very seriously. The Independent Directors of the Board engaged independent legal counsel to assist them with an independent review. In addition, the Special Committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.

The Company and the Board do not expect to have further comment until the investigation is concluded.

WWE's board investigates secret $3 million hush deal from CEO

The board at World Wrestling Entertainment is investigating a secret $3 million settlement between longtime CEO Vince McMahon and a departing employee with whom he allegedly had an affair, The Wall Street Journal reports.

Since April, the board has been probing the January 2022 deal, which reportedly bars the former employee from discussing the McMahon relationship or disparaging him.

And the board may be looking at other, older nondisclosure agreements involving claims of misconduct by McMahon and top executive John Laurinaitis, according to the report.

A spokesman told the paper that WWE is cooperating fully with the board inquiry, and that McMahon's relationship with the first employee in question - hired as a paralegal - was consensual.

Early findings by the board - which contains several company executives as well as members of McMahon's family - suggest that McMahon used personal funds to pay former female employees that signed the nondisclosure deals, the WSJ said.

source:  seekingalpha.com

WWE Hires New Marketing Executive

WWE today announced that Catherine Newman has been named Executive Vice President and Head of Marketing.

Newman brings more than two decades of executive experience to WWE including her most recent role as Chief Marketing Officer of Manchester United Media. She has also held senior positions at The Times of London and Financial Times, leading global marketing initiatives, developing strategic partnerships, and boosting subscription growth across various products.

As part of WWE’s senior leadership team, Newman’s oversight will include Marketing, Brand, Community Relations, Entertainment Relations, Creative Services and Photography.

She is a graduate of Loughborough University, a Chartered Institute of Marketing Postgraduate from Buckinghamshire New University and a Fellow & Mentor in the Marketing Academy, United Kingdom.

WWE, Fox Eye $100,000-Plus Haul Through ‘Hell in a Cell’ NFT Collection Sale

WWE stands to pin down some extra cash — and hopes to whip up fan enthusiasm — in its first sale of NFTs featuring the wrestling entertainment company’s top stars.

WWE, together with Fox Entertainment’s Blockchain Creative Labs, on Friday, June 3, plans to launch its its first NFT (nonfungible token) sale on Moonsault, WWE’s official NFT marketplace. The limited-edition collection will comprise more than 10,000 “NFT Flips,” each featuring a WWE Superstar tied to the Hell in a Cell event, which in the U.S. will stream live this Sunday, June 5, on NBCUniversal’s Peacock.

The NFT Flips will be sold on WWE Moonsault in “Cases” of three, randomized at minting, for $30 per Case, meaning the sale could generate upwards of $100,000. In the days after Hell in a Cell, each NFT Flip will transform to reveal a 10- to 20-second video highlight of the featured WWE star...More?

source:  variety.com

Ric Flair And WWE Working On Documentary

Ric Flair and WWE will team up with film writer, producer, and director Tom Rinaldi to create a 2 hour documentary about “the never-before-revealed history” of the 16-time World Heavyweight Champion. Rinaldi has worked with ESPN to create several standout short films like 2019’s “The Return” and 2016’s “Jacob Jarvis: Why It Matters”.

Sasha Banks And Naomi Suspended Indefinitely, Women’s Tag Team Titles Now Vacant

Last night’s edition of “Smackdown” included a huge announcement regarding Sasha Banks, Naomi, and the future of the WWE Women’s Tag Team Championship.

At the announce desk, Michael Cole stated that Banks and Naomi had “let us all down”. He recounted the statement WWE had put out on social media earlier this week. He says the pair have both been suspended indefinitely and a tournament will be held in the coming weeks to crown new WWE Women’s Tag Team Champions.

Banks and Naomi had walked out of “Raw” on Monday night. The pair were reportedly not pleased about the creative plans for them. A “6 Pack Challenge” match was announced at the beginning of “Raw”, which included Banks and Naomi.

WWE said Banks and Naomi walked out during the broadcast. According to WWE’s statement, they went into Head of Talent Relations John Laurinaitis’ office, gave him the women’s tag team titles, and left the arena.

The main event match was hastily changed to a one-on-one match between Asuka and Becky Lynch. Asuka won the match to earn a title shot against “Raw” Women’s Champion Bianca Belair at the upcoming “Hell In A Cell” event.

Former Disney Executive Joins WWE Board Of Directors

Ignace Lahoud has taken up a role in WWE as a Director, according to an SEC filing. 

Lahoud is CEO of Majid Al Futtaim which is an Emirati holding company based in Dubai, that as of 2015 owned and operated shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries. 

Lahoud has also worked for The Walt Disney Company an executive vice president and Chief Financial Officer for Disney Consumer Products in November 2011 and for Disney Consumer Products and Interactive Media in 2015.

Stephanie McMahon Taking A Leave Of Absence

WWE Chief Brand Officer Stephanie McMahon announced this afternoon that she is stepping away from WWE for the foreseeable future. McMahon released a statement on Twitter announcing the move, while also signaling she would eventually return to her post.

“As of tomorrow, I am taking a leave of absence from the majority of my responsibilities at WWE,” McMahon tweeted. “WWE is a lifelong legacy for me and I look forward to returning to the company that I love after taking this time to focus on my family.”

This Day In Wrestling History

Happy Birthday to Andre the Giant

May 19, 1946

Nick Bockwinkel named AWA Heavyweight Champion as he was #1 contender when Verne Gagne retired.

May 19, 1981

The Undertaker defeated Hulk Hogan for the WWE Unified Heavyweight title

May 19, 2002

WWE Announces NXT Live Event Tour Schedule

 

WWE announced on Tuesday that NXT will return to live event touring across the state of Florida.

Due to the COVID-19 pandemic, NXT has not held any live events since 2020.

The touring will begin on Friday, June 10 at the UACDC Complex in Tampa, Florida.

Below is the announced schedule so far:

* Friday, June 10 – UACDC Complex in Tampa, Fla.

* Saturday, July 11 – Largo Event Center in Largo, Fla.

* Friday, June 24 – Jacksonville Armory in Jacksonville, Fla.

*  Saturday, June 25 – Venice Community Center in Venice, Fla.

* Friday, July 8 – Citrus Springs Community Center in Dunnellon, Fla.

*  Saturday, July 9 – Engelwood Neighborhood Center in Orlando, Fla.

* Friday, July 22 – Melbourne Auditorium in Melbourne, Fla.

*  Saturday, July 23 – Cocoa Armory in Cocoa, Fla.

Tickets for the first eight events are set to go on sale this Friday, May 20 at 10 am ET.

WWE Files New Argument Against MLW Antitrust Lawsuit

WWE filed another argument for a court to dismiss the antitrust lawsuit brought against the company by Major League Wrestling (MLW), according to a report by PWInsider.

World Wrestling Entertainment filed its first motion to dismiss the lawsuit in March, and MLW argued against the motion in April. In response, this latest filing by WWE argues that MLW has failed to provide any evidence that WWE has “monopoly power” over the professional wrestling industry. It also states the allegation that WWE interfered with MLW’s contract negotiations is not supported by facts.

An excerpt from WWE’s court filing reads:

“First, MLW’s monopolization claim(s) remain unviable. MLW has not and cannot plead the core elements of a monopolization claim: (1) a relevant product market, (2) monopoly power, (3) anticompetitive conduct, and (4) antitrust injury. Confronted with WWE’s motion to dismiss and the deficiencies of its own Complaint, MLW now tries to reframe its Complaint through its opposition (Opp.), asserting that WWE’s exclusive contracts with Fox and NBCUniversal foreclose MLW from the “market” by cutting off its access to key distributors or purchasers. However, MLW’s complaint is silent on (1) WWE’s use of exclusive contracts, (2) whether these exclusive contracts substantially foreclose the proposed market, or (3) the existence of “key” networks, cable, and streaming services that control access to this proposed marketplace.

MLW originally filed its lawsuit in January, alleging WWE’s “ongoing attempts to undermine competition in and monopolize the professional wrestling market by interfering with MLW’s contracts and business prospects.” Part of WWE’s most recent argument against MLW’s monopoly claim is that WWE is just one of a vast amount of programming options available to its broadcast partners.