Vince McMahon Death Clause In Contract Leaks

WWE was sold to UFC’s parent company, Endeavor. In a statement, Endeavor announced a “definitive agreement” that will see WWE come under the company’s ownership in an estimated $9.3 billion deal.

 


 

The deal will see Endeavor from a new publicly listed company, consisting of both WWE and UFC. Endeavor will hold a 51% controlling interest in the new company and existing WWE shareholders will hold a 49% interest in the new company.

It was noted that the new PLC will be led by Emanuel (as CEO) with McMahon as Executive Chairman of the Board. Dana White will continue as President of UFC, while Nick Khan will serve as President of WWE.

Mark Shapiro will serve as President and Chief Operating Office of both Endeavor and the new company. The Board of Directors will consist of 11 members, of whom will be appointed by Endeavor and five of whom by WWE.

 Brandon Thurston reported that a WWE board meeting on March 21 saw WWE’s financial advisors noting that, other than Endeavor, the potential counterparties would need external finances for a transaction.

The next day, McMahon and Khan met with Emanuel and Shapiro again, where the WWE side presented the Endeavor duo with a term sheet. The discussions continued from there, with Endeavor’s legal advisor Latham giving WWE a revised term sheet, which included a stimulation that would see McMahon serve as executive chair until his death, resignation, or incapacity to continue. This was included as a condition for Endeavor getting 51% of the company and WWE shareholders keeping 49%.

Endeavor’s legal advisor Latham gave WWE a revised term sheet, proposing Vince as executive chair until death, resignation or incapacity, **as a condition of giving WWE a 49/51 increased valuation**. Vince would also get 5 of 11 board seats and certain veto rights.”

Barry Russell
Barry Russell
A dedicated pro wrestling follower for more than a decade

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