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Amid horrific allegations of sexual trafficking, Vince McMahon is selling more of his stocks in TKo Group, although, he still has a very large stake in the company.
Vince McMahon, the billionaire founder of WWE and former executive chairman of TKO Group Holdings, is once again selling more of his shares in TKO Group.
Sportico reports that the disgraced billionaire is selling approximately $310 million worth of his shares, amid investigation over allegations of rape, sexual trafficking, defecation, amongst others.
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15:23 - 07.03.2024
WWE Vince McMahon: ‘World’s Richest Sportsman‘ to let go of $400 million of his shares in TKO Holdings
Vince McMahon is expected to sell one -fourth of his shares in TKO Group - owners of WWE and UFC.
McMahon’s latest transaction detailed
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In a recent filing with the Securities & Exchange Commission, both Endeavor and TKO revealed their acquisition of nearly 3.5 million shares from McMahon.
Via the aforementioned outlet, the transactions, executed on Thursday and Sunday, reportedly came at a price of $89.01 per share, representing a 4% discount from the previous day's closing price.
TKO, the parent company of WWE and UFC, will purchase 1.85 million shares from McMahon, totaling $165 million.
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Financing for this acquisition will be partially sourced from a $150 million corporate revolving credit facility.
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Meanwhile, Endeavor on the other hand, will buy approximately 1.64 million shares from McMahon at a cost of around $146 million, utilizing cash on hand to fund the transaction.
McMahon's departure from TKO Group in January followed a lawsuit alleging sexual coercion.
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The American billionaire and one of the world’s richest sportsmen has vehemently denied the allegations having been forced to resign from his role as CEO.
McMahon’s decision to sell more of his shares comes amidst a tricky period for TKO, which saw its stock price dip to $73 a share in December following the merger with WWE.
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09:53 - 03.04.2024
Michael Jordan DETHRONES Vince McMahon to become the World’s Richest Sportsman in 2024
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McMahon's recent stock sales, including a $400 million transaction in March and nearly $700 million in November, is evidence of his strategic maneuvering in response to market fluctuations.
Despite the recent sale of his shares, McMahon still owns approximately 11.5 million shares, valued at around $1.06 billion, with the billionaire still banking on his stake in TKO's trajectory.
Endeavor is set to move towards privatization under the stewardship of private equity fund Silver Lake, while TKO will maintain its status as a publicly traded entity.
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17:36 - 10.04.2024
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04:58 - 08.04.2024
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15:50 - 20.03.2024
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