Former WWE Chairman and CEO Vince McMahon has stepped down from his executive roles at TKO Group and WWE after being accused of sexual misconduct and assault in a lawsuit filed by a former WWE employee. 

McMahon ​denies ​the ​allegations ​but ​said ​he ​will ​resign ​to ​focus on ​defending ​himself​​​.

The lawsuit, filed on January 26, 2023, in federal court in Connecticut, claims McMahon and another WWE executive engaged in “physical and emotional abuse, sexual assault and trafficking at WWE.” 

________________________________________________________________________

• Vince McMahon resigns from executive roles at TKO Group and WWE

• Accused of sexual misconduct and assault in lawsuit by former WWE employee

• McMahon denies allegations but steps down to focus on legal defense

________________________________________________________________________

Vince McMahon Resigns from TKO Group and WWE Amid Sexual Assualt Allegations

It seeks unspecified damages from McMahon, WWE, and TKO Group.

In a statement, the 77-year-old McMahon said: “I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately. 

I intend to defend myself against these baseless accusations and look forward to clearing my name.”

McMahon first retired from WWE in 2022 after allegations of sexual misconduct surfaced. 

He paid $17.4 million out of his pocket to WWE at the time to cover costs related to an investigation into the allegations. 

However, he returned to the company three months ago, in January 2023.

With McMahon’s latest resignation, he will no longer have any formal role at the media and live events company he built into a global phenomenon over nearly 40 years.

Nick Khan, current WWE President, informed employees in a memo that McMahon “will no longer have a role with TKO Group Holdings or WWE.”

Vince McMahon transformed WWE from a regional wrestling promotion in the 1980s into a media and entertainment powerhouse with over $1 billion in annual revenue. 

He ​​pioneered ​concepts ​like ​WrestleMania ​pay-​​per​-view ​events​, ​celebrity ​wrestlers, ​slick ​production ​values​, ​and ​dramatic ​storylines, ​making ​pro ​wrestling ​hugely ​popular ​on ​cable ​TV and ​worldwide​​.

TKO Group was formed in 2022 when McMahon engineered a joint venture between WWE and mixed martial arts brand UFC, which Endeavor Group owns.

McMahon’s ​​sudden ​​resignation ​from ​WWE ​and TKO ​Group ​amid ​disturbing sexual ​assault ​allegations ​​represents a ​​shocking fall from ​​grace ​for the ​wrestling ​​tycoon. ​​

​

​He ​built ​WWE ​into a ​global ​brand over ​decades ​but ​now faces ​serious ​legal battles ​over alleged ​misconduct ​toward ​female ​employees​​. 

It remains to be seen how WWE and TKO Group will manage without McMahon’s leadership.

Stay ​​​​​ahead ​​​​of ​​​​​the ​​​​​​curve ​​​​​with ​​exclusive ​​insights ​​​delivered ​​​​​​​​​​​​​​​straight ​​​​​to ​​​your ​​​inbox​​​! ​​

​​Don’t ​​​miss ​​​​out ​​– ​​​subscribe ​​​now ​​​to ​​​our ​​​​newsletter ​and ​​​be ​​​the ​​​​​first ​​to ​​​​know ​​​about ​​the ​​​latest ​​​developments ​​​in ​​​finance​​​, ​​real ​​​​​​estate​​, ​​​and ​​​global ​​markets​​​​​​. 

Join ​​​our ​​​community ​​​of ​​​informed ​​​​subscribers ​​​today​​​​​​​​​!