WWE chairman Vince McMahon reportedly sold over three million shares of his WWE stock. He plans to use the roughly $272 million earned from the sale to help fund the XFL.
The news comes on the same day the AAF decided to suspended football operations just eight games into their first season.
The league struggled with money early on and despite having several former NFL players and coaches, they couldn’t come to an agreement with the NFLPA about using current players.
Via Sports Illustrated:
WWE chairman Vince McMahon sold more than three million shares of WWE stock on Wednesday with the goal of using the proceeds to fund his upcoming 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.
It looks like Vince is planning to give the XFL’s second chance a real shot at becoming a legitimate league. He should have plenty of players to choose from with the AAF suspending operations.
Vince McMahon is going to singlehandedly save football for those not good enough to play in the NFL. He’s a real American hero.
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