Vince McMahon resigns from TKO, WWE over sex assault lawsuit

Endeavor group

27/01/2024 04:59

Jan 26 (Reuters) - Vince McMahon resigned from wrestling
giant TKO Group  TKO.N  and the subsidiary WWE that he founded,
over a lawsuit accusing him of sexual assault and trafficking,
which he said he will fight, the company said on Friday.
    "I have decided to resign from my executive chairmanship and
the TKO board of directors, effective immediately," McMahon said
in a statement released by TKO.
    The suit by a former employee, filed on Thursday in federal
court in Connecticut, accuses McMahon, WWE and another executive
of "physical and emotional abuse, sexual assault and trafficking
at WWE," and seeks unspecified costs and damages.
    McMahon denied the allegations in the statement, saying, "I
intend to vigorously defend myself against these baseless
accusations, and look forward to clearing my name." 
    WWE President Nick Khan wrote in a memo to employees that
McMahon "will no longer have a role with TKO Group Holdings or
WWE."
    McMahon had retired from WWE in 2022 amid allegations of
misconduct and paid $17.4 million to the company to cover costs
related to an investigation into that case. He returned in
January 2023.
    The powerhouse behind the wrestling entertainment company,
McMahon transformed it from a regional player in a highly
fragmented industry of the 1980s to a global giant, with about
$1 billion in revenue in 2021.
    He used scripted matches, celebrity wrestlers and glitz to
make the brand more acceptable to television audiences, and
created the concept of pay-per-view matches for bigger events
such as "WrestleMania" to build its revenue base.
    TKO was formed last year when McMahon forged a deal between
WWE and Endeavor Group-owned  EDR.N  mixed martial arts
franchise UFC.
 

 (Reporting by Nilutpal Timsina in Bengaluru; Editing by William
Mallard)
 ((Nilutpal.Timsina@thomsonreuters.com; +91 86382 04706;))