WWE co-founder Vince McMahon steps down from TKO executive chairman role following lawsuit.
- WWE
co-founder Vince McMahon has resigned from his role as executive chairman of
TKO, following a sexual misconduct lawsuit filed against him. - Janel
Grant, a former WWE employee, filed the suit accusing McMahon of sexual
assault, trafficking, and emotional abuse. - McMahon
denies the allegations, calling them lies and a vindictive distortion of the
truth.
WWE
co-founder Vince McMahon resigned on Friday from his role as executive chairman
of TKO, the parent group of the pro wrestling juggernaut, after a lawsuit
accusing him of sexual misconduct.
Former
World Wrestling Entertainment employee Janel Grant sued the company, McMahon
and former head of talent relations John Laurinaitis, alleging sexual assault,
trafficking and emotional abuse.
Grant
filed the complaint on Thursday in a Connecticut court, accusing McMahon of
coercing her into a “sexual relationship,” sharing sexually explicit
photos and videos of her with male colleagues, and subjecting her to
“increasingly depraved sexual demands” that included sexual
encounters with Laurinaitis and others.
McMahon
denied the allegations in a statement announcing his resignation from the board
of the TKO Group, which also controls the mixed martial arts brand Ultimate
Fighting Championship (UFC).
In a statement, McMahon said:
I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.
“However,
out of respect for the WWE Universe, the extraordinary TKO business and its
board members and shareholders, partners and constituents, and all of the
employees and Superstars who helped make WWE into the global leader it is
today, I have decided to resign from my executive chairmanship and the TKO
board of directors, effective immediately.”
WWE
is a ratings blockbuster that owes much of its success to entrepreneur and
promoter McMahon, a longtime friend of Donald Trump.
After
buying what was then the World Wrestling Federation (WWF) from his father in
1982, McMahon turned the second-rate league into an entertainment giant.
Transformed
into World Wrestling Entertainment in 2002, the league passed the
billion-dollar mark in annual sales last year and on Tuesday Netflix sealed a
10-year, $5 billion broadcast deal with WWE.
But
McMahon has come under scrutiny before. He stepped down as WWE chief executive
officer in 2022 amid an internal investigation into allegations he had an
affair with an employee and paid her $3 million to keep the matter secret.
His
daughter Stephanie McMahon was named interim CEO as the investigation continued
amid widening allegations of misconduct and payments of millions of dollars to
women formerly associated with WWE to keep quiet about affairs and alleged
misconduct.
#Vince #McMahon #resigns #WWE #parent #company #TKO #sex #assault #claim
