New testimony tied to the ongoing WWE shareholder lawsuit is raising fresh questions about Vince McMahon’s role in the TKO merger.
Mark Shapiro was deposed in December as part of the case, which alleges McMahon pushed through a deal with Endeavor to secure his continued power amid controversy, rather than maximizing shareholder value.
During the deposition, Shapiro made it clear he did not view McMahon remaining as Executive Chair as essential to the company’s success.
“You personally didn’t view Vince being in the executive chair role as a necessary condition for the future success of the combined company; right?” an attorney asked.
“Correct, especially with all the baggage,” Shapiro responded.
He further clarified that keeping McMahon was not a priority for Endeavor.
“But at the end of the day, Vince is [sic] remaining with the company was a Vince goal, not an Endeavor goal; right?” the attorney followed up.
“Wasn’t a goal of ours, no, no, it was not,” Shapiro said.
That stance appears to conflict with previous public comments from Ari Emanuel, who strongly advocated for McMahon to remain when the merger was first announced.
Speaking to CNBC on April 3, 2023, Emanuel said, “I would have body-slammed him if he [Vince McMahon] thought he was going to leave… I got Vince McMahon, a visionary, that sees around corners.”
When asked directly if he wanted McMahon to stay, Emanuel added, “Oh my god yes,” while also stating he wouldn’t let him walk away.
Shapiro’s remarks also seem at odds with language in an SEC filing tied to the merger, which indicated McMahon’s leadership was a key condition in increasing Endeavor’s valuation offer.
“Endeavor had conditioned the proposed increase in valuation upon Mr. McMahon serving as Executive Chair… The WWE advisors discussed with the WWE Board that Endeavor had stated that these governance changes were fundamental to Endeavor’s thesis… [and] Mr. McMahon’s continued leadership… would be critical to the value creation driving Endeavor’s desire to engage in the Potential Transaction.”
(H/T: POST Wrestling)
