Vince McMahon has sold $100 Million worth of his WWE Stock to fund the re-launch of XFL under his new “Alpha Entertainment” company. Below is the SEC form about the sale:
“On December 21, 2017, Vincent K. McMahon (“Mr. McMahon”), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the “Company”), sold 3,340,000 shares of the Company’s Class A common stock in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended. Mr. McMahon executed the sale primarily to fund a separate entity from the Company, Alpha Entertainment LLC, which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including professional football.
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.
The shares sold by Mr. McMahon represent approximately 4.3% of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 32,193,375 shares of the Company’s Class B common stock, which represents approximately 82.8% of the Company’s total voting power and approximately 41.8% of the Company’s total outstanding shares of common stock.”
After this move, the WWE Stock dropped by 3% to $30.80 per share.
ESPN Sports Business Reporter Darren Rovel noted on Twitter that five trademarks for XFL have been filed as well:
Vince McMahon's Alpha Entertainment has filed for five trademarks to "XFL."
— Darren Rovell (@darrenrovell) December 21, 2017
the records say they did it on December 16 and it just showed up in the trademark office filings.
— Darren Rovell (@darrenrovell) December 21, 2017
Speaking of the XFL, former XFL Star Rod “He Hate Me” Smart appeared on the Pancakes and Powerslams Show and had the following to say about Vince McMahon possibly re-creating a football league:
“I don’t look at it as nothing bad at all. I think it’ll be a great opportunity for a number of guys to play some football in the states and be seen by family and friends, where they can travel and be a fan and follow those players.
Right now, I have a younger brother playing up in Canada. He would probably love to be in the states playing ball…and you don’t always get the games on television because of it being Canadian football. So, if things work out, it’ll be great to have him back in the states playing, and I would go support him as well.
I think it’ll be a great opportunity for a lot of these young guys who are trying to make it in the NFL and just playing football in the U.S. in front of their family and friends.”
