Vince McMahon earmarks another $272 million for XFL launch
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While a key investor in the upstart Alliance of American Football has suggested that the spring league may not have the cash reserves to survive its first season, the XFL isn’t taking any chances with its 2020 relaunch. According to a filing with the Securities and Exchange Commission (SEC), WWE Chairman Vince McMahon last Wednesday sold 3.2 million shares of the company’s stock to help further fund the XFL’s second act.
In offloading the shares, which represent 4 percent of the WWE’s total outstanding Class A and B stock, McMahon pocketed just under $272 million. McMahon will invest the money in his Alpha Entertainment venture, a privately-held offshoot he established in 2017, shortly before announcing that he’d be bringing the XFL back online nearly 20 years after its disastrous maiden voyage.
This marks the second time McMahon has cashed in a big chunk of his WWE holdings. The wrestling magnate in December 2017 sold 3.34 million shares worth around $100 million; in that particular 8-K filing, the WWE reported that McMahon had said that he had “no current plan to sell additional shares of the company’s stock,” and that he intended to stay on as its chairman and CEO “for the foreseeable future.”
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