According to a new editorial article from Bloomberg, Vince McMahon may be open to selling WWE due to the company’s current financial situation. WWE’s stock shares have dropped 40% since December 2019.
The article confirms reports that Vince McMahon has agreed to sell some of his WWE stocks in March 2024. He is already receiving money for that deal. The deal will allow Vince McMahon to free up funds for the current times without relinquishing any control over WWE. It’s basically like getting a “cash advance” from your bank.
According to Drew Singer, Morgan Stanley Bank was involved in the making of the deal. It’s said to be worth 2.26 million shares, or a little over $80 million in freed-up liquidity.
WWE has faced a ton of problems lately, including a negative story by John Oliver, continuing to put on live events during the coronavirus pandemic, WrestleMania 36 being held in an empty audience, the XFL ending their season prematurely, and WWE’s stock dropping to all-time low levels.
While McMahon has always been against selling the company, WWE’s current financial situation and the outlook for traditional cable networks “souring,” now “may be the time” for potential buyers to attempt to try and buy WWE from Vince McMahon.