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Vince McMahon sells $100 million of WWE stock for Alpha Entertainment

Vince McMahon

In a move that could indicate a big step toward getting involved with professional football, WWE chairman Vince McMahon sold 3.34 million Class A common shares of company stock Thursday for what could be in the ballpark of $100+ million dollars.

As noted in the SEC filing, "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."

After hours trading saw the stock drop to $30.80/share.

Over the weekend, it broke that McMahon could be looking to bring back the XFL and make the announcement as early as January which led to a further reveal about the creation of Alpha Entertainment.

Earlier this month, Alpha Entertainment applied for five new XFL trademarks that cover the league restarting and merchandise. Additionally, they would like to trademark 'URFL'.