Vince McMahon Sells Shares Of WWE To Fund Alpha Entertainment
Where there's smoke, there's fire.
Chris Harrington revealed this afternoon on Twitter had sold about 3.34 million shares of WWE's stock, equating to around $100 million dollars:
Additionally, Alpha Entertainment has filed for five trademarks to XFL.
The filing specifically mentions that the money will go to help fund Vince McMahon's other entity known as Alpha Entertainment, which in the last week has been reportedly tied with either a revival of the XFL or another entirely new football league. The filing also suggests that there are still no plans for Vince McMahon to leave his position of WWE CEO:
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.
Last week, WWE confirmed in a statement to Fightful that Vince McMahon was establishing this new entity and noted that it would be entirely separate from the WWE.
