As noted earlier this week, WWE has been hit with a lawsuit from an Oklahoma firefighters pension fund, which claims there is “a credible basis to believe” Vince McMahon and other WWE senior officers not keeping up with their WWE duties due to their focus and resources going towards the XFL.
The XFL is being run under McMahon’s Alpha Entertainment, LLC, not WWE.
In an update, an investigation by Forbes, via Wrestlenomics Radio shared all of the details about the complaint by the Oklahoma Firefighters Pension and Retirement System as they own 107 shares of WWE stock.
The suit lists the following complaints:
– Did Alpha Entertainment, the XFL’s parent company, which is wholly owned by Vince McMahon, pay fair market value to WWE for the intellectual property of the original XFL, which included giving WWE a percentage of the company?
– Is Alpha paying WWE fair market value for the support services that WWE is providing as part of that deal?
– Was the XFL revival announced before the deal was completed?
– In general, did McMahon and WWE, including WWE’s lawyers, act in a way that was not in WWE’s best interests?
Per the lawsuit, there is also a complaint about the AAF’s potential role with the XFL.
If you recall, there was a report about how the AAF wanted to do a merger with the XFL in December 2018, but that was rejected by McMahon, who was going to sell the XFL trademarks but instead, decided to bring back the league.
There was a lawsuit later filed against the AAF that showed how the original plans called for the AAF to bring back the XFL name for their new football league.
