Vince McMahon signed a new WWE contract at the end of March, just days before it was revealed that the Endeavor Group had purchased the business, and more information is still coming out about it.
McMahon reverted to being an employee after receiving a stock award with a market value of $4.7 million, as was previously disclosed in an SEC filing. He continues to hold a majority stake in the business for the time being.
The agreement states that he must hold the position of Executive Chairman for two years beginning on January 9, 2023, the day he returned to WWE.
According to an article in The Hollywood Reporter, “McMahon’s continued employment shall be conditioned on” compliance with WWE’s “Conflict of Interest and Code of Conduct” and their “Equal Opportunity and Non-Harassment Policy.”
The clause in the agreement follows McMahon’s departure from WWE last summer after the Board of Directors looked into allegations that he had paid hush money to women with whom he had affairs.
It was revealed that Endeavor would buy WWE the day after WrestleMania 39 with the intention of combining it with the UFC to form a new company. Despite the WWE Board’s opposition, McMahon made his way back into the company in December.
According to CEO of Endeavor Ari Emanuel, he was the one who wanted McMahon to continue working for the company after the acquisition was finalized.
