Lawsuit Filed to Attempt to Prevent the Sale of WWE

Jan 17, 2023 - by James Walsh

According to an article on, Detroit’s Police and Fire Retirement System filed a lawsuit against Vince McMahon and is seeking a declaration to effectively block him from regaining control of WWE’s board of directors and prevent him from expediting a WWE sale.

The article noted the following…

“The complaint argues that McMahon has breached fiduciary duties as controlling stockholder by trying to ‘impose his personal will on WWE and its [board] by purporting to adopt a package of invalid and inequitable bylaw amendments that would hamstring the Board from making critical business decisions.’”

The following was also stated…

“As the Police and Fire System tells it, McMahon’s moves run afoul of both Section 141 of the Delaware General Corporation Law and WWE’s charter. Altering the company’s governance structure in the absence of bargained for exchange between WWE and McMahon, the system asserts, ‘usurps the power of the Board over critical corporate management functions and vests it solely in McMahon in his capacity as a stockholder.’ Neither Delaware law nor WWE’s charter permits the kind of transfer of power the system says occurred, and the system wants a declaration the consent is void.”

It was requested that the complaint be recognized as a class action on behalf of other WWE stockholders. Sportico estimated that WWE has an enterprise value of $8.6 billion dollars.

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