Vince McMahon and WWE Facing Lawsuit Over Alleged Improper XFL Funding

Vince McMahon and other high-level WWE executives reportedly are currently facing a lawsuit from a WWE stockholder regarding allegations of XFL’s revival being funded through improper means from WWE, according to Bloomberg Law.

The lawsuit was filed on December 26th in the Delaware Chancery Court by an Oklahoma firefighters pension fund, which contains stock shares in WWE. The lawsuit claims that there is a “credible basis to believe” that McMahon and other high level WWE executives breached their legal duties to WWE investors by diverting valuable resources meant only for the company’s use for the revival of McMahon’s XFL football league.

It is also being alleged that the company’s board members might have failed to conduct proper oversight to ensure McMahon was not engaging in transactions that would conflict with the interests of WWE.

The XFL’s revival was officially announced in January 2018 by Vince McMahon and Alpha Entertainment, which is a new company founded by McMahon for non-WWE related projects. The first season of the new XFL is scheduled to begin on February 8, 2020.

Sources: Bloomberg Law (pay article), Fightful