After McMahon lost to Chad Gable in the King of the Ring semifinals, McMahon lost his temper with Kevin Owens. Owens served as the referee and ruled Gable the winner after Gable was able to force McMahon to tap out.
McMahon attacked Owens from behind and then announced that Owens is now fired.
A few monthsa go, we wrote about how this angle will lead to McMahon being phased out of storylines. I am told that is still the plan and the next phase of the angle will start when Owens returns.