-

Lawsuit filed against WWE over resources diverted to XFL

Bloomberg is reporting that WWE was served with a lawsuit by an Oklahoma firefighters pension fund which claims that there is “a credible basis to believe” that WWE Chairman and CEO Vince McMahon and other WWE senior officials breached their duties to investors by diverting resources to the XFL.

Vince McMahon’s XFL is promoted to be as a separate entity than WWE but in the past, WWE teams helped with several production and live broadcasts. Unlike last time around, the XFL does not fall under the WWE books and it’s a project that Vince McMahon funded by selling thousands of his WWE stocks.

The lawsuit also suggests that WWE’s board members failed to conduct appropriate oversight to ensure McMahon didn’t engage in transactions that conflict with WWE’s interests.

The lawsuit was filed on December 26 in Delaware Chancery Court.

Colin Vassallo
Colin Vassallohttps://www.wrestling-online.com
Colin Vassallo has been editor of Wrestling-Online since 1996. He is born and raised in Malta, follows professional wrestling and MMA, loves to travel, and is a big Apple fan!

Stories you might also likeRELATED
Recommended to you

LATEST NEWS

Third year in a row that Elimination Chamber won’t take place in the United States

For the third year in a row, Elimination Chamber is going outside the United States with WWE announcing that...

NXT rating for 09/19/2023

NXT drew 824,000 viewers this, keeping the momentum from last week despite the show drawing 26,000 viewers less than...

WWE still shopping around for a new home for Raw and NXT

Monday Night Raw and NXT are currently "homeless" as the new $1.4 billion deal for Smackdown on USA Network...
spot_img