WWE Shareholder sues Vince McMahon for abusing his 81% voting power to regain control: Vince McMahon is making headlines since his return to WWE’s Board of Directors. Recently, the former CEO and Chairman made his way back to the Board following unanimous voting. This made him the Executive Chairman of WWE regaining hsi powers. However, a WWE shareholder has sued him for abusing his shareholding power. Follow WWE News and Updates with InsideSport.IN
WWE Shareholder sues Vince McMahon for abusing his 81% voting power to regain control
As per recent reports, Vince McMahon’s return is not liked by everyone in WWE. The report stated that Mr. McMahon threatened to not allow any media deals and tried to regain control. On the other hand, he also positioned his own loyalties removing some of the Board members.
https://twitter.com/TheLouisDangoor/status/1613501461366726656
“Vince McMahon is now being sued by shareholder Scott Fellows over his return to WWE. The lawsuit alleges that VKM took “complete control over any major corporate decision” by threatening to deny any sale or media rights deal.”
Recently, a WWE shareholder named Scott Fellows sued Vince McMahon for overstepping his line in the Chancery Court of Delaware. The lawsuit detailed violating WWE’s charter and breaching his Fiduciary Duty as Controlling Stockholder. It said that Mr. McMahon tried to use his 81% voting power to regain control of WWE.
Causes of Action: "breach of fiduciary duty"
The lawsuit essentially argues that Vince McMahon's threat to withhold approval for #WWE's future media rights deals was a move to “take complete personal control over any major corporate decision," thereby violating Delaware law.
— Moonlight Graham 🌙✨ (@ReeceKelleyG) January 11, 2023
Further, it states he also denied approving any of the media rights for both Raw and SmackDown brands which violate Delaware law.
Vince McMahon reportedly wants to sell the company to Saudi Arabia for regaining creative control
Since the past week, WWE is rumored to lock a deal with Saudi Arabia. Several reports claim Vince McMahon wants to sell the company to Saudi Arabia Public Investment Fund to regain creative control.
Vince McMahon reportedly sells WWE to Saudi Arabia's Public Investment Fund 🤑 pic.twitter.com/JZwdCKjJA3
— SPORTbible (@sportbible) January 11, 2023
That said, the company’s status will be switched to private and Vince McMahon could take over his previous position. On the other hand, many fans assume Triple H is next in line to resign following Stephanie McMahon’s resignation. Despite fan backlash, there are speculations that Saudi Arabia stands as the first potential buyer.
The company’s situation is in jeopardy and fans are disheartened over the recent turn of events. What do you think of WWE’s feature following Vince McMahon’s return? Tell us in the comments.
WWE Shareholder sues Vince McMahon for abusing his 81% voting power to regain control
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