The latest allegations against Vince McMahon are hurting WWE’s business.
The first WWE premium live event of 2024 will take place tomorrow night and WrestleVotes delivered the following bad news:
“Hearing rumblings that Slim Jim has notified WWE they are pulling their sponsorships from tomorrow’s Royal Rumble event. It is yet to be determined if they will remain partners in the future.”
Fans are speculating that Vince might be removed from his position in TKO Group Holdings after the latest allegations against him.
According to TKO’s Certificate of Incorporation filed with the SEC last year, McMahon retains the rights to his position until he resigns, passes away, or becomes incapacitated:
“7.2 Executive Chair. Notwithstanding Section 7.1(b), Vincent K. McMahon shall serve as the Executive Chair of the Board (the ‘Executive Chair’) until the earliest of his death, resignation or Incapacitation.
Any vacancy of the Executive Chair (which, if Mr. McMahon is the initial Executive Chair, shall initially only occur upon the death, resignation or Incapacity of Mr. McMahon) shall be filled by the Board by the affirmative vote of a majority of the Directors.”
Brandon Thurston noted that amending the mentioned section in TKO’s Governance Agreement may necessitate a majority vote from TKO shareholders, and all parties, including Vince McMahon, would need to provide their approval for the amendment.
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