WWE Shareholder Lawsuit Against Vince McMahon Over His WWE Return in 2023 & Sale to Endeavor Update – Endeavor Executives Anticipated McMahon’s Return & Sale of WWE to Them in 2022

As noted before, a group of WWE shareholders filed a lawsuit in November of 2023 against former TKO and WWE Executive Chairman Vince McMahon over claims that McMahon had engaged in a “sham sale process” for WWE’s sale to Endeavor. Former WWE Head of Talent Relations John Laurinaitis, former WWE co-CEO Stephanie McMahon, and current TKO CEO Ari Emanuel were among several people and companies that were issued subpoenas for deposition hearings for the lawsuit. WWE directors and officers were ordered by the court earlier this month to turn over documents related to federal investigations into McMahon’s conduct.

Post Wrestling and Wrestlenomics’ Brandon Thurston reported that documents he recently obtained revealed that a top executive at Endeavor was already telling colleagues on the very day of McMahon’s first retirement announcement from WWE in July of 2022 over his alleged sexual misconduct allegations that McMahon’s departure would be temporary, he would return, and a company transaction of WWE could then be imminent. Thurston reported that this would forecast WWE’s eventual merger with UFC to form TKO Group.

Thurston reported that TKO President Mark Shapiro had sent a text message within hours of McMahon’s public statement that outlined a scenario that later unfolded with remarkable accuracy for Endeavor. This text reportedly was sent to Andrew Schleimer, current TKO Chief Financial Officer, and to Jason Lublin, Endeavor’s CFO at the time.

“Nick and Stephanie are going to take over the WWE for the next nine months. Vince [will] be back with a new board or he will take the company private or he will sell it/coming to us.

The race is on. The courtship is on.”

“Nick” refers to WWE President Nick Khan while “Stephanie” refers to Stephanie McMahon, who became co-CEO of WWE with Khan after McMahon’s first retirement.

McMahon later returned to WWE in January of 2023 that was shorter than Shapiro had predicted but was correct about his predictions that McMahon would remake WWE’s Board of Directors, WWE’s announcement of it seeking a sale of the company, and the sale of WWE being to Endeavor.

Thurston reported that Shapiro’s text message is among newly disclosed records in the on-going shareholders lawsuit.

Other text messages reportedly also includes communication between McMahon and Emanuel that took place throughout the latter part of 2022 while McMahon was still away from WWE and before the company was formally put up for sale.

One of the communications reportedly revealed that McMahon and Emanuel had arranged an in-person meeting for a dinner at a steakhouse in New York in August 10, 2022. McMahon had stated that he would bring along with him WWE’s then co-CEO Nick Khan and Stephanie McMahon for this meeting.

Other text messages sent by Emanuel to McMahon eight days after the dinner meeting included an invitation for special access to a Bill Burr comedy show at Fenway Park in Boston. Thurston reported that records indicate that Emanuel had sent McMahon multiple voice messages but what Emanuel had said is currently not in the public record. Thurston also reported that Emanuel has sent another text message afterwards that suggested that they might have been discussing something other than the stand-up comedy. This message stated “I will be your greatest partner.”

Thurston reported that Emanuel had sent another text message to McMahon on August 22, 2022 that stated “I know you met with Jeff Sine yesterday” in reference to a senior banker at The Raine Group, who would later serve as WWE’s financial advisor in their sale process. Emanuel and McMahon reportedly also made plans to speak the next day before McMahon traveled to Italy.

Thurston reported that this exchange shows that Emanuel was already aware of McMahon’s advisor contacts and Raine had a long history of working with Endeavor on its deals.

Thurston also reported that Raine had an internal code name for WWE’s transaction called “Project Stunner” and “Stunner” is believed to also be the name of a possible Signal chat group that the plaintiffs want more information about for their lawsuit.

In regards to WWE’s sale process in early 2023, Thurston reported that recent deposition testimony from Ted Oberwager, a partner at KKR, and other court records indicated that private firm KKR’s bid for WWE did not have time to fully develop before WWE and Endeavor made their deal. Thurston reported that WWE had claimed from their own account that the company took the highest offer available but the plaintiffs have argued that this sale process wasn’t allowed to fully develop.

Thurston also reported that senior executives at Liberty Media, who was also among the bidders and interested in purchasing WWE, had exchanged emails in April of 2023 that stated that they felt the deal was “pre-wired” and already arranged before WWE’s formal bid process had kicked off.

One of the emails stated:

Joseph Baratta, Blackstone Senior Managing Director – “Looks like they have been cooking this one up for a while.”

Greg Maffei, Liberty then-President and CEO – “Yup… pre-wired.”

Thurston also reported that text messages also revealed that McMahon had texted with Khan regarding WWE’s creative plans in February of 2023 asking if Roman Reigns and Cody Rhodes were aware of “new creative” for WrestleMania that year and the year after. McMahon had also stated that he had also asked both WWE CCO Paul “Triple H” Levesque and WWE Executive Director Bruce Prichard. Khan reportedly responded back to McMahon stating “Langis” and after McMahon stated that he didn’t have any idea what he meant, he told McMahon to read it backwards. This would assume to be Signal, which is the encrypted messaging app.

In regards to McMahon’s texts messages to Levesque and Prichard, Thurston reported that McMahon had relayed an interaction he had with both of them regarding the creative plans for WrestleMania 39 and 40.

Text from me to Paul and Bruce: “Hey guys just double checking. Does Roman [Reigns] and Cody [Rhodes] know the new creative re [WrestleMania] and next year ?”

Bruce : “Not to my knowledge. I don’t know if Paul has had a conversation with either. Roman’s first appearance since we spoke is Friday in DC. Both will be there in person.”

Me to Paul: “ Paul have U “?

This reportedly led to Khan responding back with the cryptic “Langis” message and him telling McMahon to read it backwards for its real meaning.

Thurston reported that “That interaction, regarding “new creative,” runs counter to Khan’s statement a month later on CNBC that McMahon wasn’t involved in the creative process. The public record doesn’t show more about what “new creative” McMahon was referring to or whether he had any influence in Roman Reigns’ win over Cody Rhodes in the main event of that year’s WrestleMania, an outcome that surprised many fans.”

Thurston also reported that the discovery phase of the shareholders lawsuit is nearing its end and the lawsuit is currently scheduled to go to trial in June of 2026.