Vince McMahon has resigned from all of his positions within TKO, including TKO Executive Chairman and the TKO Board of Directors, following a lawsuit alleging his involvement in a sex trafficking and abuse scandal with former WWE employee Janel Grant.
TKO and Endeavor are now buying shares of stock from McMahon.
You can check out the details from a new SEC filing below:
“On April 4, 2024, WME IMG, LLC (“Endeavor”), an indirect subsidiary of Endeavor Group Holdings, Inc. (“EGH”), the parent company of TKO Group Holdings, Inc. (“TKO” or the “Company”), entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Vincent K. McMahon (“Seller”), pursuant to which Endeavor agreed to purchase 1,642,970 shares of Class A common stock of TKO, par value $0.00001 per share (the “Common Stock”), held by Seller at a per share price of $89.01 for an aggregate amount of $146.2 million (the “Endeavor Share Purchase”). Endeavor expects the Endeavor Share Purchase to close on or about April 9, 2024, subject to the satisfaction of customary closing conditions.”
“On April 7, 2024, TKO entered into a stock purchase agreement (the “TKO Stock Purchase Agreement” with the Seller, pursuant to which TKO agreed to purchase 1,853,724 shares of Common Stock of TKO held by Seller at a per share price of $89.01 for an aggregate amount of $165.0 million (the“TKO Share Purchase”). TKO expects the TKO Share Purchase to close on or about April 10, 2024, subject to the satisfaction of customary closing conditions. TKO intends to retire the shares of Common Stock purchased in the TKO Share Purchase following the closing of the TKO Share Purchase. TKO intends to fund the TKO Share Repurchase with approximately $150.0 million of borrowings under the revolving credit facility under the First Lien Credit Agreement dated as of August 18, 2016 by and among Zuffa Guarantor, LLC, UFC Holdings, LLC, the lenders party thereto from time to time and Goldman Sachs Bank USA, as Administrative Agent, and with cash on hand.”
The filing: https://t.co/kL254ddaCP
— Brandon Thurston (@BrandonThurston) April 8, 2024
