Vince McMahon has resigned from his role as Executive Chairman of TKO Group Holdings after a lawsuit was filed against him yesterday featuring accusations of sexual abuse, exploitation, and trafficking by former WWE employee Janel Grant. Haus of Wrestling has independently confirmed the news with a high-up WWE source. Per Brandon Thurston of Wrestlenomics, Nick Khan announced the news in an email to WWE employees today and stated that McMahon would no longer be involved in WWE whatsoever.
“I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE.”
McMahon himself has since confirmed the news in a statement issued to Deadline. While he still denies the various allegations made in the lawsuit, the now-former TKO Executive Chairman confirmed he has decided to step down from his position.
“I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth,” McMahon said. “I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.
“However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”
McMahon’s resignation comes just hours after it was reported that Silm Jim had pulled its sponsorship of the WWE Royal Rumble seemingly in response to the accusations made against McMahon. The 78-year-old made his last public appearance just three days ago at the New York Stock Exchange where he was one of several TKO executives who accompanied The Rock to ring The Opening Bell.