In the past we’ve reported on Vince McMahon cashing in some of his WWE stock to fund his new football league. Now, it seems that there are some WWE shareholders that are concerned with the relationship between the WWE and the XFL.
According to Bloomberg Law, a WWE stockholder is suing for a peek at records that detail the company’s involvement with the XFL.
“The lawsuit, filed Dec. 26 in Delaware Chancery Court by an Oklahoma firefighters pension fund, claims there is “a credible basis to believe” that McMahon and other WWE senior officers breached their duties to investors by diverting valuable resources to the XFL.”
“The suit also suggests that the company’s board members may have failed to conduct appropriate oversight to ensure McMahon didn’t engage in transactions that conflict with WWE’s interests.”
We’ll keep you posted as more information comes out about this, but in my opinion this lawsuit isn’t going to go anywhere.