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The WWE is in hot water thanks to a lawsuit filed by former employee Janel Grant. The lawsuit alleges Vince McMahon, other officials and even a former UFC superstar engaged in sex trafficking and/or sexual assault and the suit came with a substantial amount of evidence. McMahon resigned from all his positions at WWE and TKO Holdings within hours and the evidence from court documents has been appalling, to say the least.
The news came just 48 hours after the announcement that WWE had signed an incredibly lucrative deal with streaming giant Netflix worth a staggering $5B over 10 years. With the promotion having Ari Emanuel sitting at the head of the table for TKO Holdings, the newly-formed parent company of both WWE and UFC, the potential blowback from this scandal could be serious.
In our latest episode, John Nash fielded questions about the lawsuit and how it could possibly impact the UFC, including possible lawsuits by TKO Holdings shareholders. Let’s take a look at the areas we covered:
WWE lawsuit impact
TKO Holdings
- How much culpability do you think TKO Holdings and/or Ari Emanuel have in this whole Vince McMahon WWE scandal?
- Since Janel Grant isn’t looking for a settlement (according to her attorney), and wants to change the toxic culture at WWE, do you think there could be some sort of blowback onto UFC (perhaps a full overhaul of how all TKO Holdings’ properties are operated)?
- Do you think lawsuits will eventually be filed by TKO shareholders?
- What is Dwayne Johnson’s new role and what does it mean?
UFC Antitrust Case
- With the WWE scandal being a brand new problem for TKO Holdings, is there a greater chance for a settlement now?
- Is there a higher potential for a UFC sale?
- How much weight do the text messages that have been revealed in discovery actually carry?
- Some analysts (TD Cowen and Wolfe Research) have reported that the upcoming trial could impact the UFC’s business model. Do you think this is true?
Saudi Arabia
- Since Saudi Arabia is pretty invested in WWE, could there be blowback from them (as in cancelling deals etc)?
- It seems that Turki Alalshikh is making more and more media appearances as the mouthpiece of the prince. Has Saudi Arabia done enough sports washing to be able to integrate with the mainstream now?
- Is Saudi still only interested in HW boxing or are they looking at the lighter weight classes now?
Another WWE jaw-dropper
Just hours after we recorded the episode, a new report came out based off an SEC filing that detailed how TKO Holdings came to be. One particular point of interest was how Vince McMahon came to hold such an incredible position of power within the freshly-minted company. The details of which seem almost ludicrous.
Apparently, Endeavor originally wanted a 57% ownership stake in the company, but WWE balked and negotiations continued. WWE came back to the table with an offer of a 51/49 split. Endeavor would come back just two days later with a proposal of having Vince as Executive Chair until death, resignation, or incapacity, as a condition of giving WWE a 49/51 increased ownership. Vince would also get to pick 5 of 11 Board seats. The board was later increased to 13 members with seven of the seats going to Endeavor.
Nash says that with this new wrinkle, it implies that Ari Emanuel and other Endeavor executives orchestrated the return and continued control of the WWE under Vince McMahon, even as various allegations and scandals swirled around him over the last few years. We’ll continue monitoring the case as it unfolds.
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