Vince McMahon has resigned from his role as TKO Executive Chairman and his position on the TKO Board of Directors, according to a report by ESPN on Friday night.
ESPN revealed the news by citing a statement from McMahon, who co-founded the modern WWE in 1982.
The news comes one day after a lawsuit was filed against the 78-year-old McMahon in U.S. District Court in Connecticut, where WWE is headquartered.
In the lawsuit, a former WWE employee accused McMahon and another former executive of serious sexual misconduct, including offering her to a star wrestler for sex.
The graphic 67-page suit from Janel Grant, who worked in the company’s legal and talent departments, also includes allegations that McMahon forced her into a sexual relationship in order for her to get and keep a job, and passed around pornographic pictures and videos of her to other men, including other WWE employees.
McMahon stepped down as WWE’s CEO in 2022 amid an investigation into allegations that match those in the lawsuit, which was filed in U.S. District Court in Connecticut, where WWE is based.
Grant also names as defendants in the lawsuit the WWE and John Laurinaitis, the company’s former head of talent relations and general manager.
The AP typically does not name accusers in sexual assault cases, but Grant’s representatives said she wished to go public.
“Ms. Grant hopes that her lawsuit will prevent other women from being victimized,” her attorney, Ann Callis, said in a statement. “The organization is well aware of Mr. McMahon’s history of depraved behavior, and it’s time that they take responsibility for the misconduct of its leadership.”
WWE’s parent company, TKO Group, issued a statement saying it is taking the allegations seriously.
“Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE,” TKO Group said in a statement. “While this matter pre-dates our TKO executive team’s tenure at the company, we take Ms. Grant’s horrific allegations very seriously and are addressing this matter internally.”
Email and social media messages seeking comment were also left for McMahon and Laurinaitis.
According to the lawsuit, McMahon lived in the same building as Grant and in 2019 offered to get her a job at WWE after her parents died.
She alleges that he eventually made it clear that one of the requirements of the job was a physical relationship with him and later with Laurinaitis and others.
Over the next few years, McMahon lavished her with gifts including a luxury car, the suit says.
It also alleges that McMahon offered one of his star wrestlers — a person not named in the lawsuit — sex with Grant as a perk in 2021.
“WWE benefited financially from the commercial sex act venture orchestrated by McMahon, including by having wrestling talent, such as WWE Superstar, sign new contracts with WWE after McMahon presented Plaintiff as a sexual commodity for their use,” the lawsuit states.
Grant is seeking unspecified monetary damages and to have the court void a $3 million nondisclosure agreement, of which she alleges she received only $1 million.
McMahon was the leader and most recognizable face at WWE for decades. When he purchased what was then the World Wrestling Federation from his father in 1982, wrestling matches took place at small venues and appeared on local cable channels.
WWE matches are now held in professional sports stadiums, and the organization has a sizable overseas following.
WWE merged last April with the company that runs Ultimate Fighting Championship to create the $21.4 billion sports entertainment company TKO Group Holdings, and McMahon serves as that group’s executive chairman of the board.
The Associated Press contributed to this report.
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