WWE is less than two weeks away from WrestleMania 35, and while everyone has their eyes set on the showcase of the immortals, Vince McMahon is busy making moves for the re-launch of the XFL. According to a report by Dan Gartland of Sports Illustrated, McMahon sold nearly $272 million worth of WWE shares, a total of 3,204,427, as a means to raise funds for the league.
“The shares sold by Mr. McMahon represent approximately 4.1% of the Company’s total outstanding shares of Class A and Class B common stock,” an FEC filing about the sale reads, according to Gartland. “After the sale, Mr. McMahon beneficially owns 28,682,948 shares of the Company’s Class B common stock, which represents approximately 80.1% of the Company’s total voting power and approximately 36.8% of the Company’s total outstanding shares of common stock.”
It had been reported that McMahon was going to sink $500 million into the league, and it’s unclear if this selling of stocks was done to make that happen or because McMahon needed more cash.
The timing for all this is a bit interesting, as it comes a day after the main financial backer of the nation’s other new football league, the Alliance of American Football, announce that he’s considering folding the league if it cannot come to some kind of partnership regarding sharing players with the NFL.
Regardless, McMahon is certainly going all-in on making his dream of having a football league become a reality, and he understands that if the XFL doesn’t have enough money behind it, it will stand [and I am extremely sorry for writing a post so I can make this horrible pun] no chance in hell.
