Vince McMahon signs two-year contract as WWE seeks buyers

Vince McMahon signed a two-year contract with World Wrestling.

The WWE chairman’s agreement dates back to January 9, when he returned to the company. to the application for securities. His deal is that WWE is actively negotiating with the suitors.

His most recent contract has an annual base salary of $1.2 million, including an incentive bonus of 175% of that salary. If the deal is closed, McMahon will receive a lump sum of $2.4 million and his promotional bonus will be doubled and paid upfront.

CEO Nick Khan told CNBC this week that there has been a solid sale process so far with many bidders involved. Earlier this week, CNBC’s David Faber, citing people familiar with the matter, reported that it was a “hot and heavy” process.

McMahon returned to WWE board in January I will help with negotiations on the sale. He resigned from his position as CEO last June following allegations of sexual harassment by former WWE employees. He later announced his retirement.

At the time, his daughter Stephanie McMahon became co-CEO of WWE, the McMahon family business. She retired in January following the return of Vince McMahon.

Khan told CNBC last month that McMahon was ready to step down from his position “if it’s the right decision.” The potential future involvement of McMahon, who is the controlling shareholder of WWE, has become a sticking point in pre-negotiations with some buyers, as CNBC previously reported.

“Vince made it clear to me and the market that he didn’t need to be included in any offer or any deal going forward, and he kept his word, as many of us predicted he would,” Khan told CNBC. . earlier this week.

Khan added that since McMahon has been back for the past three months, he has been “quite helpful to me, creatively, to have a business expert here when we want to reach out and talk.”

In addition, according to the statement, his contract gives McMahon the rights to his “life story” and related intellectual property.

McMahon purchased the business from his father in 1982 and ran it until 2022. He even entered the ring several times. His contract agreement gives him the right to retell his life story in WWE with the guarantee that he will not face any future lawsuits or retribution from the business.

WWE shares are up about 34% this year, easily outperforming the broader market amid intensifying talk of a sale.