Vince McMahon Confidant Issues Statement On WWE Merger Lawsuit (WWE News)
Vince McMahon source comments on WWE merger lawsuit.
With the WWE shareholders' lawsuit removed from the court calendar this past weekend, there are now some more details on all of this.
For those unaware, this lawsuit pertains to WWE's merger with the UFC to form TKO under the Endeavor banner and alleges that Vince McMahon didn't seek out a deal that was the most valuable to WWE shareholders. Instead, McMahon allegedly favoured the Endeavor deal because, amongst other things, he'd retain power within WWE. Attorneys representing the shareholders argued that their clients were owed nearly $1 billion.
That four-day trial was due to commence this past Monday at the Delaware Court of Chancery - complete with testimony from the likes of Vince McMahon, Nick Khan, Paul Levesque, Ari Emanuel, and Mark Shapiro - but was removed from the court's calendar over the weekend, with Wrestlenomics and POST Wrestling's Brandon Thurston reporting that the trial had been cancelled "at the parties' request" and that a settlement would be presented "in due course".
Now, a source close to Vince McMahon has reached out to Fightful Select and other outlets with the following statement:
"This exact kind of litigation follows every single transaction involving a public company.
AdvertisementBut here’s the key: Endeavor’s bid was by far the highest. It was signed off on by three separate independent banks - JP Morgan, Raine and Moelis. That’s why WWE’s Board of Directors gave their unanimous approval.The deal created the premier combat sports company. And the shareholders made an absolute fortune.”
Fightful reiterates that the above statement is from somebody close to Vince McMahon and should not be taken outright as factual.