According to a new 8-K filing, WWE chairman Vince McMahon recently sold 3,204,427 shares of the company’s Class A common stock, or 4.1% of the company’s total outstanding shares of Class A and Class B common stock, in order to finance the XFL. According to the filing, the value of the stock is $271.9 million.
The filing also says that Vince has no plans to sell any more shares and “intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.”
With that being said, Vince McMahon still owns 28,682,948 shares, which is 80.1% of the company’s total voting power and approximately 36.8% of the company’s total outstanding shares of common stock.
As many of you know by now, the XFL will be returning on February 8th and 9th of 2020.