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Vince McMahon sells $105 million worth of his WWE stock, presumably to fund his new football league

The latest SEC filing posted on WWE’s corporate website has a note on Vince McMahon selling 3,340,000 shares of his WWE stock so that he could fund his new company Alpha Entertainment, LLC. That is the company believed to have been set up so that he could start his new football league. Last weekend we noted that McMahon’s lawyers registered trademarks for UrFL, UFL, and United Football League.

The filing states:

“On December 21, 2017, Vincent K. McMahon (“Mr. McMahon”), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the “Company”), sold 3,340,000 shares of the Company’s Class A common stock in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended. Mr. McMahon executed the sale primarily to fund a separate entity from the Company, Alpha Entertainment LLC, which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including professional football.  Mr. McMahon has informed the Company that he has no current plan to sell additional shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.

The shares sold by Mr. McMahon represent approximately 4.3% of the Company’s total outstanding shares of Class A and Class B common stock.  After the sale, Mr. McMahon beneficially owns 32,193,375 shares of the Company’s Class B common stock, which represents approximately 82.8% of the Company’s total voting power and approximately 41.8% of the Company’s total outstanding shares of common stock.”

The news, first picked up by Chris Harrington, is a strong indication that McMahon is very serious about his plans to start a football league. He would likely need more funding from other partners to get the league up and running.

There’s more to this story: Vince McMahon’s Alpha Entertainment, LLC filed for XFL trademarks last week

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