WWE chairman Vince McMahon reportedly sold over three million shares of his WWE stock. He used the roughly $272 million earned from the sale to help fund the XFL.
Via Sports Illustrated:
WWE chairman Vince McMahon sold more than three million shares of WWE stock with the goal of using the proceeds to fund the XFL football league, according to the company’s SEC filing.
McMahon offloaded 3,204,427 shares in the company at $84.87 each, meaning the sale netted him just under $272 million.
The SEC filing says McMahon plans to invest the money in another company, Alpha Entertainment, which he created in 2017 when he began planning the relaunch of the XFL.
Vince is certainly serious about the XFL, and he can easily invest more if he so pleases.