Truth is stranger than fiction is a cliche, but in the pro wrestling business, that cliche is often true. Rumblings of Vince McMahon putting a plan in place to return to the WWE made news online a few weeks ago, with many assuming that he simply wanted to return to takeover the organization that he bought from his father 40 years ago. As I wrote at the time, it wouldn’t shock me if McMahon, the eccentric billionaire that “retired” after a series of Wall Street Journal stories revealed that he paid several women over the past several years several million dollars to sign non-disclosure agreements to keep affairs or accusations of misconduct quiet, wanted to make a comeback, but it would put another spotlight on the negative publicity that prompted his original exit. Again, it’s not surprising that Vince wants back into the organization that he built from a regional territory to a publicly-traded global corporation since he dedicated every facet of his life to the company. That being said, the old tropes that McMahon relied on, at least within the past several years didn’t propel the next generation of stars, but rather used nostalgia to boost big time events.
You can’t automatically assume that Triple H, who took over the head of creative following his father-in-law’s dismissal, has the answers either, but there was definitely an effort in recent months to pivot WWE programming to build for the future. When Stone Cold had to return to the ring after 19 years of retirement to sell tickets to a stadium show, you know that the roster lacks legitimate star power. At least Triple H appears to understand that the company must try to market younger talent as the next group of stars that will draw money in the future.
That’s why this week’s Wall Street Journal report about Vince’s most recent move to return to the organization could completely flip the script on the future of the WWE.
According to the Wall Street Journal, McMahon, who still has the controlling share of the company stock, informed the WWE Board of Directors, the same group that launched an investigation that led to his resignation, that he won’t approve any sale of the company or any new television rights deals unless he’s on the board.
Essentially, what this translates to is that unless Vince gets his seat at the table back, the WWE could be put into a scenario where they don’t have a TV deal, which is its most lucrative revenue stream. If Wall Street realizes that McMahon is willing to let the promotion hit the wall, the stock price will plummet and the same board that showed Vince the door could watch their power within the global corporation tumble like a house of cards.
Would Vince really tank his own company?
McMahon also indicated in his letter to the board that he would potentially pursue options to sell the company if he was allowed to return to the organization. That could be a smoke screen, considering that if the corporation is sold, the board of directors would get a hefty payout, or Vince might see this as an opportunity to cash out. I see this whole thing going one of two ways, either McMahon plans to actually sell the group with the notion that if he can’t run it then nobody can, which could be the same motivation behind theoretically letting the company hit the wall without a television deal, or he claims that to be the case, but basically uses it as a way to strong arm his way back into power of the WWE.
Assuming that selling the group is a realistic option, that would drastically alter the future of not only the WWE, but of the entire industry. It’s a harsh reality and something that diehard internet fans might not want to admit, but WWE is the foundation of the wrestling business in the United States. That’s not to say the product is perfect, it’s not, but rather to point out that literally every other major promotion in history in America eventually went out of business. Verne Gagne, Bill Watts, Jim Crockett, Ted Turner, Dixie Carter, and others couldn’t stay afloat throughout the lean years of their individual companies. Quite frankly, without the WWE, pro wrestling on a major scale would’ve ceased to exist in the United States.
One of the common themes, at least in the modern era, was when executives from outside of pro wrestling were involved in the sport, it led to the eventual collapse of the organization. Sports entertainment is a very unique commodity and you just can’t use some copy and paste formula that would apply to other forms of entertainment. Make no mistake about it, if WWE is sold to an outside corporate entity, the future of the wrestling company would be in jeopardy, and Vince knows it. In truth, that might be McMahon’s motivation, he cashes out and makes a few billion dollars in the process and then if the company fails without him, the legacy of the WWE is that the organization needed him to be successful. Even if that wouldn’t be accurate to those that know the wrestling business, as far as the general public, Vince could “prove” his genius if WWE doesn’t maintain its success after its sold.
Unless there’s no chance for Vince to return on a regular basis to continue business as usual, I don’t think he’d be willing to sell the WWE just for the money. He’s already a billionaire and at some point, the money is just numbers on a page. The intrinsic value to maintain his status as the kingpin of sports entertainment might be what this latest story is really about for McMahon. At 77, some might assume that Vince would be prepared to enjoy his golden years and his vast wealth, but I’d guess that Vince sees himself as Lee Strasberg’s Hyman Roth in Godfather II. Vince doesn’t see the requirement for Triple H to be his successor because McMahon plans to be at Wrestlemania in 2044.
As far as how this plays out, it’s probably going to be another example as to why Wall Street is as much of a work as pro wrestling. As long as there’s money to be made then the shareholders will accept Vince’s return because it will translate to more profit for them. The chance to make even more money on their stock investment is more important than any ethical standards to the shareholders. As far as the board, they basically have to give Vince his chair in the boardroom back since he already indicated that they can’t renew a television deal without his approval for the company.
So yes, Vince McMahon will strong-arm his way back into the WWE just six months after he was ousted from the company for paying several million dollars to keep misconduct allegations quiet for years. I doubt this truly has any direct impact on the direction of the product within the next few months, but considering that The Wall Street Journal also published new accusations against McMahon just a few weeks ago when his plans to attempt to return to the WWE surfaced, this entire story continues to make pro wrestling terrible. Although, it’s somewhat ironic that McMahon will use his money and power to return to the WWE more or less the same way that he used it to get the non-disclosure agreement signed over the years.
What do you think? Share your thoughts, opinions, feedback, and anything else that was raised on Twitter @PWMania and Facebook.com/PWMania.
Until next week
-Jim LaMotta
E mail [email protected] | You can follow me on Instagram & Facebook @jimlamotta89
