World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center on August 24, 2009 in Las Vegas, Nevada.
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Vince McMahon has cut short his two-year employment contract world Wrestling Entertainment,
The WWE Chairman’s settlement dates back to January 9, when he returned to the company to file a security, His deal comes as WWE actively in conversation With loved ones
As part of his latest contract, which comes with an annual base salary of $1.2 million, which includes an incentive bonus target of 175% of that salary. If a deal were to be closed, McMahon would receive a one-time payment of $2.4 million, plus his incentive bonus doubled and an upfront payment.
CEO Nick Khan told CNBC’s Morgan Brennan this week that so far it has been a robust sales process that has attracted multiple bidders. Earlier this week, CNBC’s David Faber reported that it has been a “hot and heavy” process, citing people familiar with the matter.
McMahon wwe is back on board Help with sales negotiations in January. it was stepped away from his CEO role last June under a cloud of sexual misconduct allegations from former female WWE employees. later he announced his retirement,
At that point, his daughter, Stephanie McMahon, took over as co-CEO of WWE, a family business of the McMahon family. He stepped down Following Vince McMahon’s return in Jan.
last month, Khan told CNBC McMahon would be willing to step down from his position “if it’s the right deal.” The potential future involvement of McMahon, who is WWE’s controlling shareholder, has become a starting point in preliminary talks with some buyers, CNBC previously reported.
Khan said on CNBC, “Vince has made it clear to me and the market that he does not need to engage in any offer or any deal going forward, and as many of us had anticipated , he is on it.” earlier this week.
Khan said that since McMahon has been back in the last three months, he has been “quite complementary to myself, to be creative, to be the expert on the business here when we want to approach him and have a conversation.”
In addition, his contract gives McMahon the rights to his “life story” and related intellectual property, according to the filing.
McMahon acquired the business from his father in 1982 and will run it until 2022. He even stepped into the ring on several occasions. His contract agreement entitles him to retell his life story with WWE, with the guarantee that he will not face any lawsuits or retaliation from the business in the future.
Shares of WWE are up nearly 34% so far this year, handily outperforming the broader market amid growing talk of a sale.