WWE founder Vince McMahon resigns from TKO Group after being accused of sexual assault and trafficking in new lawsuit

Vince McMahon attends a press convention to announce that WWE Wrestlemania 29 will likely be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey.

Michael N. Todaro | Getty Images

Vince McMahon, govt chairman of the board of TKO Group Holdings and founder of wrestling big WWE, has resigned his positions at each corporations, based on a WWE memo obtained by CNBC and confirmed by the corporate.

“Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will now not have a job with TKO Group Holdings or WWE,” stated Nick Khan, president of the WWE.

The announcement got here in the wake of allegations made public Thursday, of sexual assault and intercourse trafficking, towards McMahon.

McMahon has denied the allegations. But he stated in an announcement late Friday that, “out of respect for the WWE Universe, the extraordinary TKO enterprise and its board members and shareholders, companions and constituents, and all of the staff and Superstars who helped make WWE into the worldwide chief it’s as we speak, I’ve determined to resign from my govt chairmanship and the TKO board of administrators, efficient instantly.”

The newest allegations towards McMahon were in a lawsuit filed by Janel Grant — who alleges McMahon directed her to have intercourse with a WWE “celebrity” and different males. Grant’s go well with seeks to void a nondisclosure settlement Grant stated she reached with McMahon in early 2022.

Grant’s go well with in U.S. District Court in Connecticut says the billionaire McMahon agreed to pay her $3 million as half of that deal, however ended up solely paying her $1 million in trade for her silence about his conduct.

In addition to McMahon, 78, the grievance names as defendants WWE and John Laurinaitis, the corporate’s former head of expertise relations and normal supervisor.

The grievance comes six months after federal regulation enforcement brokers executed a search warrant on McMahon and served him with a grand jury subpoena as half of an investigation into McMahon’s cost of hundreds of thousands of {dollars} to a number of girls, amongst them Grant, after allegations of sexual misconduct.

McMahon, who resigned from WWE management posts in mid-2022 amid an inner firm investigation, solely to return as its chief in early 2023, final March paid WWE $17.4 million to cowl prices of a probe of these payouts by a regulation agency retained by the corporate.

This is breaking information. Please test again for updates.

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