Vince McMahon, the executive chairman of TKO Group Holdings and the founder of WWE, has resigned from both roles, according to a WWE memo.
“Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and from the TKO Board of Directors. He will no longer be associated with TKO Group Holdings or WWE,” stated Nick Khan, WWE’s president.
This announcement follows recent allegations made public on Thursday, which accuse McMahon of sexual assault and sex trafficking.
McMahon has denied these allegations but stated in a statement late Friday, “Out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all the employees and Superstars who contributed to making WWE the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”
The new allegations are detailed in a lawsuit filed by Janel Grant, who claims that McMahon directed her to have sex with a WWE “superstar” and other men.
Grant’s lawsuit seeks to invalidate a nondisclosure agreement she reportedly signed with McMahon in early 2022.
According to Grant’s lawsuit in U.S. District Court in Connecticut, McMahon agreed to pay her $3 million as part of this agreement but only paid $1 million, which she claims was in exchange for her silence about his behavior.
The lawsuit names McMahon, 78, as well as WWE and John Laurinaitis, the former head of talent relations and general manager, as defendants.
This legal action comes six months after federal agents executed a search warrant on McMahon and served him with a grand jury subpoena in connection with an investigation into his payments to multiple women, including Grant, following allegations of sexual misconduct.
McMahon had previously resigned from his WWE leadership roles in mid-2022 amid an internal investigation, only to return as WWE’s leader in early 2023.
In March, he paid WWE $17.4 million to cover the costs of an investigation into these payouts conducted by a law firm retained by the company.
