Vince sells 3.2 million WWE shares to help finance the XFL.
WWE chairman Vince McMahon has reportedly sold a total of 3,204,427 WWE shares, worth an estimated $272 million, in order to fund the XFL, according to the organization's SEC filing that surfaced today.
The SEC filing specifically states:
"The shares sold by Mr. McMahon represent approximately 4.1 percent of the Company’s total outstanding shares of Class A and Class B common stock. After the sale, Mr. McMahon beneficially owns 28,682,94 shares of the Company’s Class B common stock, which represents approximately 80.1 percent of the Company’s total voting power and approximately 36.8 percent of the Company’s total outstanding shares of common stock."
This isn't the first time that McMahon has sold a chunk of his WWE stock in support of Alpha Entertainment and the XFL.
In December of 2017, Darren Rovell reported that McMahon sold 3.34 million shares of WWE stock, worth approximately $100 million to finance his self-funded Alpha Entertainment venture. Additionally, he reportedly sold off 306,000 shares last November which netted more than $23 million.
In total, Darren Rovell estimates that McMahon will spend $500 million on the XFL in the league's first three seasons. The XFL, consisting of eight teams, is expected to kickoff in 2020.