© Reuters. FILE PHOTO: World Wrestling Entertainment chairman Vince McMahon appears to be like out on the crowd throughout a phase of NBC’s “Today” present in New York, U.S., April 2, 2007. REUTERS/Brendan McDermid/File Photo
(Reuters) – Vince McMahon resigned from wrestling large TKO Group and the subsidiary WWE that he based, over a lawsuit accusing him of sexual assault and trafficking, which he stated he’ll combat, the corporate stated on Friday.
“I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately,” McMahon stated in an announcement launched by TKO.
The swimsuit by a former worker, filed on Thursday in federal courtroom in Connecticut, accuses McMahon, WWE and one other govt of “physical and emotional abuse, sexual assault and trafficking at WWE,” and seeks unspecified prices and damages.
McMahon denied the allegations within the assertion, saying, “I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.”
WWE President Nick Khan wrote in a memo to workers that McMahon “will no longer have a role with TKO Group Holdings or WWE.”
McMahon had retired from WWE in 2022 amid allegations of misconduct and paid $17.4 million to the corporate to cowl prices associated to an investigation into that case. He returned in January 2023.
The powerhouse behind the wrestling leisure firm, McMahon remodeled it from a regional participant in a extremely fragmented business of the Eighties to a world large, with about $1 billion in income in 2021.
He used scripted matches, movie star wrestlers and glitz to make the model extra acceptable to tv audiences, and created the idea of pay-per-view matches for greater occasions resembling “WrestleMania” to construct its income base.
TKO was fashioned final 12 months when McMahon cast a deal between WWE and Endeavor Group-owned combined martial arts franchise UFC.