McMahon Sells Millions Of Dollars Worth Of WWE Stock To Fund XFL

According to a new SEC filing that was recently made by World Wrestling Entertainment. WWE Chairman & CEO Vince McMahon sold 3,204,427 shares of WWE stock. Which is worth around $270 Million.

It was revealed in the filing that the sale was primarily made to fund Vince McMahon’s Alpha Entertainment LLC, which is behind the new XFL football league. Vince has no current plans to sell additional shares. It was also noted he intends to continue his role as WWE Chairman & CEO for the foreseeable future.

The shares that were recently sold represent 4.1% of the total outstanding shares of stock. Vince still owns 28,682,948 shares of WWE stock, which represents approximately 36.8% of the company’s total shares of stock and 80.1% of the total voting power.

XFL play is set to begin in February 2020.