The chairman of the board and majority shareholder of the World Wrestling Entertainment (WWE), Vince McMahon, has signed a two-year contract with the company, earlier this week. The contract, which takes effect from January, includes a significant payout for McMahon if the company ends up being sold. According to Fox Business, McMahon’s annual base salary is set at $1.2 million, but he has an additional 175% bonus target. He also retains the exclusive right to his life story.
The WWE is currently exploring a potential sale, and if it does happen, McMahon could get at least $11 million in severance pay. As for his shares, they were valued at over $90 as of last Friday, meaning McMahon could receive around $2.6 billion from his holdings. Bloomberg reports that McMahon is hoping to sell the company for $9 billion.
The 77-year-old McMahon stepped down as WWE’s CEO last year after sexual misconduct allegations surfaced. His daughter Stephanie took over as co-CEO but resigned in January, leaving Nick Khan as the sole CEO. Khan told CNBC that McMahon is willing to leave the company in case it gets sold.
McMahon’s efforts to sell the company may have something to do with the shifting landscape of the wrestling business, as various new platforms are emerging, getting more and more attention. These include All Elite Wrestling and NJPW Strong, among others. Whatever McMahon’s reasons may be, he remains a significant figure in the WWE, even if it’s sold, he will still hold onto his life story rights.
Recommended: 200+ Children’s Chapter Book Recommendations