In their latest filing with the Securities & Exchange Commission, WWE reported that Chairman & CEO Vince McMahon sold more than 300,000 shares of the company for close to $23 million.
That’s a lot of shares, and a lot of money. And with McMahon’s Alpha Entertainment getting ready to announce host cities for the eight league-owned XFL teams which will launch in 2020, it’s believed the big stock sale could be related to Vince’s football do-over. He sold $100 million in stock before announcing XFL 2.0 earlier this year, and is believed to be willing to pony up $500 million over the first three years of operation to ensure the league in more successful this time around.
Regardless of McMahon’s plans for the proceeds of his Nov. stock sale, wrestling fans want to know how it could impact WWE and its ownership picture. And the answer is... not much.
Vince still owns nearly 32 million shares of his family’s company. At the approximately $73 price its been trading at this week, that means he got more than $2.3 billion in WWE stock. So he sold around 1% of his stake.
In other words, if you were hoping for a sign control was about to change hands, you’ve got...