The McMahon family has been synonymous with WWE for decades, shaping the wrestling industry with their vision, creativity, and hard work. The mastermind behind WWE, Vince McMahon, has officially resigned from WWE and the TKO Group Holding, where he was the majority shareholder.
Today, on January 27, 2024, marks the first day in history in which no member of the McMahon family will be involved in the control and operations of WWE. This family had built and protected the company for the last seven decades.
Vince McMahon resignation ends streak held for decades
Today, the TKO Group, officially announced that the founder of WWE and the Chairman of TKO has been resigned from all this positions of the TKO group. This was due to a lawsuit filed against Vince by the former WWE employee Janel Grant. The lawsuit claims that Vince pressured her into a sexual relationship in return for a job and promotions within WWE.
The news went viral on social media, and TKO Group confirmed that this will be taken seriously, initiating an internal investigation. Earlier today, TKO released a statement from Vince in which he wrote, “I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”
Now, with the departure of Vince McMahon, WWE has no family member working for the company for the first time ever, ending a run that dates back to the 1950s. Vince introduced both his children, Stephanie McMahon and Shane McMahon, for the first time in WWE in 1999 as part of a storyline with The Undertaker. They were introduced not only as performers but also involved in the wrestling business alongside Vince.
Shane McMahon after being the chief executive of WWE for five years, stepped down from his positions in 2010. On the other hand, Stephanie McMahon, who was the Co – CEO of WWE, announced her departure from WWE on 2023.
Fans have expressed their disappointment and sadness over the departure of Stephanie and Shane, who had been seen as innovative leaders, bringing positive changes to WWE, such as the women’s evolution and the NXT brand.
Backstage implications for Vince McMahon’s WWE exit
McMahon was not only the head of WWE, but also the creative mastermind behind its storylines, characters and events. His exit sent shockwaves across the wrestling industry as he was the driving force behind WWE’s success and popularity for over four decades.
Before his resignation, spokesperson for McMahon reached out to a popular online magazine and wrote, “This lawsuit is replete with lies, obscene made-up instances that never occurred, and a vindictive distortion of the truth. He will vigorously defend himself.”
According to the reports from PW Insider, Vince’s sudden resignation was not expected by the members of WWE and it happened due to the pressure from the TKO board members. The reports also confirm that the Endeavor group might remove any WWE talent and staff who continue their relationship with Vince.
This was not the first time, Vince is facing allegations for sexual scandals. Vince resigned from WWE in 2022 following allegations of sexual misconduct and returned to WWE’s board of directors in January 2023. WWE also had instructed its members to avoid talking about this issue and focus on promoting the matches for Royal Rumble tomorrow.