Vince McMahon is expected to sell one -fourth of his shares in TKO Group - owners of WWE and UFC.
This week, reports surfaced revealing that Vince McMahon, the founder of WWE, is set to sell over $400 million worth of TKO Group shares.
This move comes less than six months after McMahon sold WWE to Endeavor Group Holdings, which subsequently merged it with UFC to form a new public entity.
Vince McMahon: WWE Billionaire's financial move amidst transition
According to Sportico, McMahon filed to sell 5.35 million shares of TKO, aiming to generate gross proceeds of $411.95 million, equivalent to $77 per share.
This sale represents approximately a quarter of McMahon's remaining stake in TKO.
The filing of Form 144 with the Securities & Exchange Commission indicates McMahon's intention to sell the shares, which would likely fetch a slightly higher value than initially reported, given that TKO's share price has exceeded $77 since late January, closing at $81.67 on Monday.
Considered the richest man in sports entertainment with a net worth of over $3 billion, McMahon orchestrated the sale of WWE to Endeavor Group for $103.95 a share in September, stepping into the role of executive chairman of TKO thereafter.
However, McMahon's tenure was marred by controversy, forcing him to resign in late January following allegations of sexual harassment.
Despite the impending sale of his shares, McMahon retains ownership of slightly over 15 million shares, valued at more than $1.2 billion.
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