TKO Group Holdings exec Mark Shapiro said the company is “on the sideline” waiting to see if former Executive Chairman Vince McMahon will sell any more of his massive stock holding in the company.
Shapiro, who is president and COO of TKO and holds the same title at its majority owner, Endeavor Group Holdings, noted that McMahon still owns about 20 million shares in TKO despite selling more than 8 million last November.
The proceeds from that sale exceeded $700 million. McMahon abruptly exited as board chairman last month after a graphic lawsuit was filed by a former employee, accusing him of sex trafficking and sexual assault.
Having built the WWE into a lucrative global business and cultural force over more than four decades, McMahon oversaw the merger of it with the UFC in a $21.4 billion combination that created TKO this year. “He’ll do whatever he’s going to do, and we’re all on the sideline,” Shapiro said when asked about the situation on the company’s fourth quarter earnings call. “We’ll have a look, we’ll see.
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