McMahon Readies Big Bet On XFL Re-Launch
April 2, 2019
WWE Chairman Vince McMahon has sold nearly $400 million in WWE shares in order to fund the relaunch of the XFL, closing in on his pledge to devote $500 million to the revival effort.
According to a filing with the Securities and Exchange Commission, McMahon last Wednesday sold 3.2 million shares of the company’s stock for just under $272 million. That move followed an earlier sale of shares.
He has indicated that he plans to invest the money in his Alpha Entertainment venture, established in 2017, when he announced that he would be bringing the XFL back nearly 20 years after its unsuccessful maiden voyage on NBC.
McMahon still owns 28.7 million shares in WWE, worth $2.49 billion.
The XFL launch is planned for 2020 with teams in eight cities.
The XFL Commissioner and CEO is Oliver Luck, a former NFL player who served as CEO of NFL Europe and more recently served as Athletic Director at West Virginia University.
The XFL yesterday named Jordan Schlachter as Chief Marketing and Commercial Officer. He was most recently Chief Marketing Officer of the National Basketball Players Association and President of its marketing and revenue arm, THINK 450.
Derek Throneburg, joins the league as Senior Vice President of Team Business Operations. He was most recently Vice President of Customer Insight and Engagement for Pacers Sports & Entertainment in Indianapolis.
Last week, the XFL announced the team presidents for their Los Angeles, Seattle and Washington, DC franchises.
- Heather Brooks Karatz will be the President of the Los Angeles franchise. She was most recently the Executive Vice President and General Counsel of the Los Angeles FC and Banc of California Stadium
- Ryan Gustafson will lead Seattle’s team. He was Vice President of Business Strategy & Development for Sounders FC.
- Erik A. Moses is President of the Washington DC team. He was Senior Vice President and Managing Director of Sports, Entertainment & Special Events for Events DC.
Other XFL teams will be in Dallas, Houston, New York, St. Louis and Tampa.
