WWE Stock Takes Big Hit Following News of Vince McMahon Selling Shares

Mahon Sells $105 Million Worth of WWE Stock to Fund New Company 0By Nick Paglino on Dec 21 2017WWE

Mahon Sells $105 Million Worth of WWE Stock to Fund New Company 0By Nick Paglino on Dec 21 2017WWE

Vince McMahon holding a press conference regarding the XFL in 2001.

Additionally, Alpha Entertainment has filed for five trademarks to XFL.

With the National Football League being at a crossroads with multiple controversies that have turned fans away from the sport, a report surfaced last week that Vince McMahon might be trying to revive the XFL. However by him freeing up so much stock on Thursday too, it appears that a bold attempt will be made by Vince to reboot the fallen football league. Mr. McMahon has informed the Company that he has no current plan to sell additional shares of the Company's stock and that he intends to continue in his capacity as the Company's Chairman and Chief Executive Officer for the foreseeable future.

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Now comes word that McMahon filed to sell 3.34 million shares of WWE stock, which would generate around $100 million. That failure was hastened by plummeting ratings, which some blamed on poor quality of play stemming from inadequate preparation. Most of that smoke was about McMahon securing trademarks related to the XFL, trademarks that he previously abandoned because he thought he was out of the pro football business.

McMahon certainly sounded interested in giving it a go when he sat with former NBC Sports chairman Dick Ebersol, another key figure in the XFL's creation, for a conversation about the league captured in an ESPN "30 for 30" documentary that aired earlier this year. Ebersol asked. "Yes, I do", McMahon replied.

President Donald Trump is a longtime McMahon family friend and many people are speculating that the new organization would have the full backing of Trump, especially given his less than supportive tweets aimed at the National Football League the past few months. Now that Alpha has filed these trademarks, they will have first dibs on the XFL rights.

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