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Vince McMahon, WWE's founder and former CEO who retired last year amid misconduct allegations, is making a comeback fit for the wrestling ring. The pro-wrestling promotion business confirmed his return to its board of directors in a statement Friday.
This follows McMahons announcement in December that he desired to elect himself as decision-making chairman and bring along two associates, using his most voting power through stock ownership, The Wall Street Journal reported Thursday. The board rebuffed McMahon's earlier attempts to reinstate himself. Former board members George Barrios and Michelle Wilson will back with him.
The WWE "intends to undertake a appraisal of its strategic alternatives with the goal being to maximize value for all WWE shareholders," according to its statement, echoing McMahon's own press release.
McMahon had stepped down as WWE CEO in July amid ongoing business board investigations into alleged sexual misconduct, including a $3 million settlement that the Journal previously reported had been paid to a frail employee with whom he'd purportedly had an affair. Another Journal describe said that McMahon had allegedly paid over $12 million to four women associated with the WWE to suppress sexual misconduct accusations.
After stepping down, McMahon relinquished regulation of the company to his daughter, Stephanie McMahon, as co-CEO against co-CEO Nick Khan.
McMahon reportedly wants to return in clean to sell the WWE, given the company's $5 billion market value and upcoming negotiations for TV broadcasting powers. He reportedly told the board that, as majority owner of business stock, he wouldn't support any deal or sale of think rights unless he was directly involved as executive chairman. Friday's release noted that there is "no assurance that this procedure will result in a transaction."
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