TKO exec felt Vince McMahon wasn’t necessary post-WWE & UFC merger, contradicts SEC statement
Newly released testimony from a deposition in the WWE shareholders lawsuit has revealed that TKO president Mark Shapiro didn’t feel that keeping Vince McMahon around as part of the UFC/WWE merger was necessary “especially with all the baggage.”
The issue is that contradicts statements made in filings with the SEC that illustrated why it was felt McMahon needed to earn the compensation package and role he received to be part of the deal.
First reported by Post Wrestling’s Brandon Thurston, Shapiro was asked in his deposition if he personally didn’t view McMahon “being in the executive chair role as a necessary condition for the future success of the combined company.”
Shapiro answered, “Correct, especially with all the baggage.”
He was asked if McMahon remaining on board as TKO executive chairman was a goal of McMahon’s and not of what would become TKO leadership.
“Wasn’t a goal of ours, no, no, it was not,” he answered.
With the September 2023 merger of UFC and WWE that created TKO, McMahon received his lifetime role as TKO executive chairman, Board nomination rights, and veto power over certain transactions in addition to six extra percentage points of the combined company, worth roughly $1 billion in value.
The testimony also showed McMahon wanted to initially be TKO CEO, but that did not happen.
The lawsuit claims that McMahon’s drive to merge WWE with UFC was predetermined while other better offers were on the table because he wanted a role within it. He stepped down from his TKO position when the Janel Grant lawsuit first came to light in January 2024, but remains the company’s largest single person stockholder.
In an interview on CNBC that famously featured Emanuel next to a mustachioed McMahon, Emanuel joked he would have bodyslammed the WWE head if he didn’t come along for the ride. McMahon was asked if he would have walked away from WWE if that were the terms of any deal to which said he would have.
From Thurston’s report:
“The (SEC) filing further stated that McMahon “had not, and was not, requesting or proposing such rights.” According to WWE’s narrative, guaranteeing McMahon’s continued role was key to Endeavor agreeing to raise WWE’s split of the combined company from 43% to 49%.”
Since 2011, Josh has been a contributing editor to Wrestling Observer/F4WOnline.com and also hosts the Punch-Out podcast. He has also written for Fight Magazine, Bloody Elbow, Bleacher Report, and other websites. He's a 2000 graduate of the University of Maine, worked in pro sports, and once was an indie ring announcer.