Vince McMahon Selling Huge Amount Of TKO Shares
Vince McMahon’s involvement in the TKO Group continues to evolve.
It’s been announced that the Executive Chairman is selling 8.4 million shares of TKO stock. This represents around 30% of his 28 million shares in the company.
As reported by Brandon Thurston, the shares have a market value of around $700 million. Unsurprisingly, the stock price has fallen to just over $80 at publishing time.
You can find an excerpt from the official press release below.
“NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc. (NYSE: TKO) (“TKO” or the “Company”), a premium sports and entertainment company, today announced that one of its stockholders, Mr. Vincent K. McMahon (the “Selling Stockholder”), intends to offer for sale in an underwritten secondary offering 8,400,000 shares of the Company’s Class A common stock, par value $0.00001 (the “Class A Common Stock”), pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission (the “SEC”), of which the Company intends to repurchase from the underwriter approximately $100.0 million of shares of our Class A Common Stock.
The Selling Stockholder will receive all of the net proceeds from this offering. No shares are being sold by the Company. In connection with the offering, Ariel Emanuel, the Company’s Chief Executive Officer and director, Mark Shapiro, the Company’s President, Chief Operating Officer and director, and certain other of the Company’s directors have indicated an interest in purchasing up to $1.0 million, $1.0 million and $850.0 thousand, respectively, of the Company’s Class A Common Stock offered in the offering at the public offering price.”
Vince McMahon Listed As “Risk Factor” In New SEC Filing
On November 7th, the TKO Group which encompasses WWE and UFC announced its third-quarter financial results. The results were accompanied by a new SEC filing.
The filing includes two new sections related to Vince McMahon, with the Executive Chairman discussed under “risk factors.” The document acknowledges that Vince McMahon’s “membership on our Board could have adverse financial and operational impacts on our business.”