WWE CEO Vince McMahon has sold £206million worth of shares in the wrestling company's stock.
McMahon has sold off 3,204,427 shares, which is worth 4.1 per cent of the current of the total outstanding shares of stock - the wrestling chief still owns 28,682,948 shares.
The reason behind the selling of the shares is reportedly due to McMahon needing more capital ahead of the re-launch of XFL in 2020.
It is not thought to be the start of the 73-year-old starting to sell off the company that he built up.
Despite the recent selling, McMahon still owns 28,682,948 shares while represents around 36.8% of the company's total shares of stock and 80.1% of the total voting power.
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McMahon is the 691st richest person in the world, and according to Forbes, he has a net worth of $3.2billion.
A SEC filing said: "On March 27, 2019, Vincent K. McMahon (“Mr. McMahon”), Chairman and Chief Executive Officer of World Wrestling Entertainment, Inc. (the “Company”), sold 3,204,427 shares of the Company’s Class A common stock in a block trade made in accordance with the provisions of Rule 144 of the Securities Act of 1933, as amended.
"Mr. McMahon executed the sale primarily to fund a separate entity from the Company, Alpha Entertainment LLC “Alpha”), which Mr. McMahon established to explore investment opportunities across the sports and entertainment landscapes, including launching a professional football league under the name 'XFL'.
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"Alpha has announced that this launch will occur in early 2020. Mr. McMahon has informed the Company that he has no current plan to sell additional shares of the Company’s stock and that he intends to continue in his capacity as the Company’s Chairman and Chief Executive Officer for the foreseeable future.
"The shares sold by Mr. McMahon represent approximately 4.1% of the Company’s total outstanding shares of Class A and Class B common stock.
"After the sale, Mr. McMahon beneficially owns 28,682,948 shares of the Company’s Class B common stock, which represents approximately 80.1% of the Company’s total voting power and approximately 36.8% of the Company’s total outstanding shares of common stock."
