Vince McMahon sold 3.34 million shares of WWE stock this week to fund his Alpha Entertainment, LLC, which appears to be the company that will oversee the return of the XFL football organization that failed many years ago.
Writer Brad Shepard recently broke the news of Vince getting back into the football business but WWE later confirmed the reports to Deadspin. WWE said:
“Vince McMahon has established and is personally funding a separate entity from WWE, Alpha Entertainment, to explore investment opportunities across the sports and entertainment landscapes, including professional football. Mr. McMahon has nothing further to announce at this time.”
Vince has applied for several XFL trademarks but he’s also filed for other football-related trademarks: URFL, United Football League, UFL and “For the Love of Football.”
Below is the full SEC filing from Vince’s sale of stock, which will bring in around $100 million to finance the new venture:
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.