WWE Founder Vince McMahon Selling $400M in TKO Group Shares

WWE billionaire Vince McMahon is selling more than $400 million of TKO Group shares Monday, less than six months after he sold the wrestling company to Endeavor Group Holdings, which combined WWE with UFC into a new public company.

McMahon filed to sell 5.35 million shares of TKO for gross proceeds of $411.95 million—or $77 a share—according to a Form 144 filed with the Securities & Exchange Commission Monday evening. That’s about a quarter of the shares the disgraced executive still owns in TKO.

More from Sportico.com

The form 144 is required from the SEC to be filed when or before the shares are actually sold on the market, meaning McMahon probably will earn a little more than the dollar value disclosed in the report, since TKO hasn’t traded at $77 a share since late January. The company’s shares closed Monday at $81.67

The long-time controlling shareholder of WWE, McMahon came out of retirement a little more than a year ago to orchestrate a sale of WWE, with UFC parent Endeavor Group buying WWE for $103.95 a share in September. McMahon took the role of executive chairman of TKO, the new company created to house WWE and UFC. McMahon stepped down in late January after a lawsuit accused him of sexual coercion.

McMahon, who has net worth of about $2.7 billion, according to Forbes, will still own slightly more than 15 million shares of TKO after the newly registered sale, worth more than $1.2 billion. The executive previously sold nearly $700 million worth of TKO shares in November.

Best of Sportico.com