Tag: WWE

Saudi Arabia Not The Favorite To Buy WWE

There had been rumors online earlier this week Saudi Arabia’s Public Investment Fund had purchased WWE. That is not the case, but the fund is among the names interested in buying WWE. 

This all comes shortly after Vince McMahon’s return as Executive Chairman of the Board and him wanting to be part of selling the company. Since then, WWE has hired Raine Group to help lead WWE’s potential sale.

It was reported by Dave Meltzer in the Wrestling Observer Newsletter that Saudi Arabian investment isn’t even the favorite to make the purchase.

He wrote, “Those at WWE said that Saudi Arabia was in the running but not the favorite.”

Source: ewrestlingnews

Vince McMahon & Stephanie McMahon Had Issues Working Together In WWE

Earlier this week, Stephanie McMahon resigned from WWE, just days after her father, Vince, had returned to the company. Reportedly, the two did not work great together.

Vince made his WWE return by bringing two new Board Of Directors members with him and removing three from the WWE Board. This was done to make room for himself and the two new Board members. 

Stephanie resigned from all positions on top of this, meaning WWE Board has quickly changed pretty drastically.

According to Dave Meltzer in the Wrestling Observer Newsletter, Stephanie and Vince have had some issues working together:

“It was also conceded that she and Vince did have issues in working together as family members and how Khan was a buffer who kept things smooth between them as well as between Vince and Levesque.”

Vince’s main reason for coming back to WWE is said to be because he plans to spearhead a WWE sale. Stephanie and Paul Levesque (Triple H) reportedly had opposed a sale.

Source: ewrestlingnews

WWE SEC Filing Clarifies Stephanie McMahon Resignation Timeline

Stephanie McMahon made waves through the professional wrestling world on Tuesday when she announced that she had stepped down from her post as Co-CEO of WWE following the reinstatement of Vince McMahon as Executive Chairman of the company’s Board of Directors.

A report filed by the Securities and Exchange Commission on January 11 has now helped to shed some light on the timeline of how the events went down, stating that Vince had been elected as Executive Chairman on January 9 while Stephanie was still a member of the board. Following the reinstatement, Stephanie “ceased to be Chairwoman of the Board” and handed in her resignation the following day, which led to Nick Khan “[assuming] the role of sole Chief Executive Officer of the company.”

The SEC report also noted that Michelle McKenna, Steve Koonin, and Steve Pamon were the current individuals that made up the Audit Committee, the Governance and Nominating Committee, and the Compensation and Human Capital Committee. McKenna and Koonin were selected by the Board to serve on the Audit Committee and the Governance and Nominating Committee on the same day McMahon was reinstated while McKenna and Pamon were also chosen to serve on the Compensation and Human Capital Committee. Pamon, Koonin, and McKenna have been members of the Board since September 1, 2020, June 1, 2021, and September 16, 2022, respectively.

Stephanie was named Co-CEO of WWE and Co-Chair of the Board (alongside Khan) in July of last year after Vince announced his retirement following multiple allegations of sexual misconduct and harassment. 

Source: Wrestling Inc.

Reason Two WWE Board Members Resigned; WWE Shareholder Files A Lawsuit Against Vince McMahon

It was revealed in an SEC filing on Wednesday, the reason for Ignace Lahoud and Man Jit Singh resigning from the WWE Board of Director is they both disagreed with the return of Vince McMahon.

“While Messrs. Lahoud and Singh agreed with the Board’s decision to explore the Company’s strategic alternatives, they did not agree with Mr. McMahon’s return at this time.”

According to the SEC filing, WWE expects to have the Board “comprised of a majority of independent directors” by January 30th per the requirements and rules of the New York Stock Exchange.

Vince McMahon officially returned to the WWE Board of Directors last Friday and was re-appointed Executive Chairman this past Tuesday. Soon after, his McMahon’s daughter Stephanie resigned as Co-CEO., leaving Nick Khan as the sole CEO of the company.

A WWE shareholder Scott Fellows has filed a class action lawsuit Tuesday against the newly-reinstated Executive Chairman Vince McMahon. The suit was filed in Delaware’s Chancery Court.

Fellows is claiming breach of fiduciary duty in line with section 141 of Delaware’s current General Corporation Law. Fellows suit is looking for the invalidation of the bylaw changes made by McMahon after he returned to the company’s Board of Directors last Friday, in addition to costs and other fees.

Fellows is also accusing McMahon of using his 81% company voting control to remove three board members and replace them with his own hand-picked members and pushing through the aforementioned bylaw changes which includes giving himself (McMahon), the final say on any sale or media rights agreements.

The suit states that McMahon violated Delaware law by taking control over any major WWE corporate decision and “adding his cronies to the Board.”

Source: WrestleView

Multiple WWE Stars Are Willing To Leave The Company If Sold To Saudi Arabia Public Investment Fund.

Vince McMahon’s shocking return to WWE last week has led to a major development in the company and its future.

McMahon returned to the WWE Board of Directors alongside George Barrios and Michelle Wilson to help negotiate the new TV deals for Raw and SmackDown and explore a potential company sale.

On Tuesday, Stephanie McMahon resigned from WWE as Chairwoman and co-CEO. Vince was named Executive Chairman of the Board, while Nick Khan is the CEO.

Rumors started coming out on Tuesday night about a potential WWE sale, with WWE agreeing in principle to sell to the Saudi Arabia Public Investment Fund.

“Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia’s Public Investment Fund or any entity, sources say. The organization is still exploring all options, I’m told. Developing. Worth noting that the original tweet stating it was a done deal has since been deleted.”

The tweet by Steven Muehlhausen of DAZN.com about WWE being sold to Saudi Arabia’s Public Investment Fund, which was highlighted below, has been deleted.

Sean Ross Sapp Of Fightful has provided some updates through Fightful Select and Twitter.

People on the writing team and in production have not been informed of a sale. There has been incredible concern among staff and talent about the future, regardless of Vince being back in control.

Sean Ross Sapp noted this morning that “there have been multiple wrestlers who have told me they’d leave WWE if the company ends up being Saudi Arabia-led.”

While speaking on Wrestling Observer Radio, Dave Meltzer also confirmed a lot of nervousness about uncertainty in the company for talent.

Sources: WrestlingNews.co and PWMania

Backstage Clarification On Mia Yim’s New Ring Name

WWE has been flip-flopping on what to call Mia Yim since her return to the company months ago. WWE announcers have continued to stumble with apparent uncertainty over if she’s Mia Yim or Michin or both. This week on “Raw,” Corey Graves repeatedly referred to The OC member as Mia Yim. Yet, during her entrance, “Michin” was plastered across the Titantron while the ringside announcer referred to her as “Michin Mia Yim.” Bayley, her opponent, only referred to her as “Michin.”

But, according to Fightful, despite any on-screen confusion, Michin is still officially only listed by her singular nickname backstage.

The wrestler, whose real name is Stephanie Lee, has gone by a handful of in-ring names throughout her career, including “Jade” when she worked with IMPACT Wrestling throughout the mid-2010s. “Mia Yim” was the first name Lee used when she began her pro wrestling career at 18 years old, and it’s also the name she used during her initial run with WWE from 2018 until late-2021. Lee continued going by “Mia Yim” when she went back to the independents, including appearances with Impact.

Karl Anderson began referring to Lee as “Michin” when she returned to WWE in mid-November and joined The O.C. She told backstage interviewer Cathy Kelley it meant “crazy” in Korean. “It’s kind of a nickname,” she said. WWE then changed her name to “Michin” on its website, before then changing it back. The head-spinning continues, though, as Lee’s name remains listed as “Mia Yim” online, which runs contrary to her internal listing.

Source: Wrestling Inc.

Stephanie McMahon Resigns As WWE CEO & Chairwoman of WWE

Stephanie McMahon has resigned as CEO and Chairwoman of WWE.

Less than a week after Vince McMahon came out of retirement and reinstated himself to WWE’s Board of Directors, his daughter, Stephanie McMahon, has stepped down as the co-CEO of the company.

Stephanie announced her decision via Twitter on Tuesday evening. In the statement, she recalled returning to WWE last year to serve as the co-CEO alongside Nick Khan, which she described as a “privilege.” However, now that her father has returned to guide the company in collaboration with Khan and Paul “Triple H” Levesque, she believes that WWE is in a perfect position to deliver “unparalleled creative content and drive maximum value for shareholders.”

In the statement, McMahon acknowledges her previous leave of absence, which she was undertaking before Vince stepped down as CEO amid his sexual misconduct and hush money scandals. However, it seems that Stephanie’s latest absence will be more permanent, as she announced her “official resignation” and revealed that she’ll be “cheering on WWE from the other side of the business.”

Following Stephanie’s announcement, WWE put out a press release that included thoughts from her father. “First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE,” Vince said. “Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand.”

Per WWE’s press release, Khan will serve as the company’s CEO moving forward. According to Vince, Khan’s “business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability,” and he looks forward to working with him as WWE explores “strategic alternatives” during this critical juncture in the company’s history.

Source: Wrestling Inc.

https://twitter.com/StephMcMahon/status/1612956533695938560

WWE NXT New Year’s Evil Preview 1/10/2023

The WWE Performance Center in Orlando, FL will host the 2023 NXT New Year’s Evil episode, which will air live tonight on the USA Network.

New Year’s Evil will also include the reveal of a vignette that has been airing for weeks, as seen below. This vignette is thought to be for Tiffany Stratton’s return.

For tonight’s NXT special, WWE has announced the following lineup:

NXT Title Match
Grayson Waller vs. Bron Breakker (c)

20-Woman #1 Contender Battle Royal
Gigi Dolin, Jacy Jayne, Ivy Nile, Tatum Paxley, Sol Ruca, Cora Jade, Zoey Stark, Nikkita Lyons, Fallon Henley, Kiana James, Elektra Lopez, Wendy Choo, Ivy Nile, Thea Hail, Lyra Valkyria, Valentina Feroz, Lash Legend, Amari Miller, Jakara Jackson, Dani Palmer
Winner faces NXT Women’s Champion Roxanne Perez at Vengeance Day.

Gauntlet Match
Pretty Deadly vs. 3 teams TBA
If they win, Pretty Deadly will earn a title shot at NXT Tag Team Champions The New Day.

Donovan Dijak vs. Tony D’Angelo
Winner will earn a shot at NXT North American Champion Wes Lee, who will be on commentary.

The Creed Brothers (Julius Creed, Brutus Creed) vs. Indus Sher (Veer Mahaan, Sanga)

Charlie Dempsey vs. Hank Walker

Chelsea Green Returning To WWE, Deal Signed ‘Quite Some Time’ Ago, Update On Matt Cardona And Kylie Rae

Many fans have speculated that Chelsea Green was returning to WWE after finishing up with Impact Wrestling late last year following reports that WWE was interested in bringing her back. 

Fightful Select has updates on the contract status of three wrestlers, including Green.

Per the report, Green has been under contract with WWE “for quite some time and is still awaiting creative.”

Another indication that Green was headed to WWE was her recently shutting down her Onlyfans page. Major Pod also had to limit the new Chelsea Green merchandise production due to her signing.

With multiple reports that Green was being brought back, there was speculation that her husband, Matt Cardona, could be on his way back to the company. WWE sources have indicated that “Cardona is not signed, but that we shouldn’t rule anything out for the future.”

Finally, Kylie Rae is reportedly still a free agent despite being brought in for a tryout and appearing on WWE Main Event, which led to speculation that she’d been signed.

Source: WrestlingNews.co

Johnny Gargano Out Of Action With Shoulder Injury

Johnny Gargano is out with an injury.

The self-proclaimed “Johnny Wrestling” took to Twitter to announce that he suffered a shoulder sprain during a recent WWE live event in Toronto, Canada.

On Monday night’s episode of RAW, the commentary team announced that Gargano is out with a Grade 2 AC sprain. Gargano wrote,

“I injured my shoulder at a live event in Toronto (ironic?), and the medical team is going to protect me from myself for a bit.. but you better believe I’m going to do EVERYTHING I can to get back in that ring so I can be that guy you all know I can be. Just let me in that Rumble!”

https://twitter.com/JohnnyGargano/status/1612632529772724227

Source: ewrestlingnews