Lawsuit filed against WWE Chairman Vince McMahon: Report
It has been reported by Bloomberg Law that Vince McMahon and the professional wrestling giants are going to be sued by a WWE shareholder over their engagement in the upcoming XFL football league.Updated: Dec 29, 2019 18:34 IST
Last year it was announced that Vince McMahon will be resuming the XFL football league in the coming years. The beleaguered football league was started in 2001 but was halted after just one season due to faltering ratings. But that hasn’t deterred the WWE Chairman from taking another punt on the football league. The NFL is facing a lot of issues lately and McMahon is looking to capitalise on that.
However, before the start of the league, the WWE Chairman has hit a roadblock. It has been reported by Bloomberg Law that Vince McMahon and the professional wrestling giants are going to be sued by a WWE shareholder over their engagement in the upcoming XFL football league.
According to the report, the lawsuit was filed on 26 December at Delaware Chancery Court. An Oklahoma firefighters pension fund filed the lawsuit claiming that there is a “credible basis to believe” that Vince McMahon and several other “senior WWE officers” are directly disrupting their duties to the WWE investors by using valuable resources to fund the league.
XFL is scheduled to be launched in 2020 under Vince McMahon’s Alpha Entertainment and is going to be a completely different entity from the WWE.
The league will have eight teams that are going to be centrally owned and operated by the league It will not have the franchise model followed by other leagues as each team will have different ownership groups.
It has also been said that the lawsuit also alleges that the WWE board members failed in their duty to ensure that XFL wouldn’t “engage in transactions that conflict with WWE’s interests”.
It has been learnt that the lawsuit is not going to deter plans to launch the league but is just a minor speed bump in its creation.