Two months after WWE fired 30+ employees, report says Vince McMahon’s net worth has shot up amid Covid-19 pandemic
On April 15th 2020, the world saw WWE’s ‘Black Wednesday’. Amid rising coronavirus cases and lockdown restrictions across the world, the premier pro-wrestling industry saw over 30 wrestlers and staff members getting fired, and several other production crew and staff members getting furloughed, reportedly to meet the financial needs of the troubled times. The superstars who were fired included some of the big names- Kurt Angle, Rusev, Zack Ryder, Karl Anderson, Luke Gallows, EC3, etc. The company also let go of referee Mike Chioda, while production staff members Fit Finlay, Billy Kidman and Gregory Helms were furloughed.
The decision was widely criticised as WWE talent with families were asked to be on their own at the time when there was limited chance of them getting signed by any other promotion due to the ongoing global pandemic. Multiple reports at the time further suggested that the company had enough cash reserve to pay all of their staff and make significant profits, even if they were forced to cancel shows, which meant the WWE were not in any real position to do this.
Now, another recent report has surfaced that WWE Chairman Vince McMahon has been able to see his net worth take a steep rise amid Covid-19 pandemic. A report from The Middletown Press said that according to a study released by a number of political advocacy groups, McMahon has managed to earn a higher net worth in the past three months, seeing an increase of $177 million in wealth.
Let’s take a look back. Form March to June, majority of businesses all across the world have been vastly affected by the novel coronavirus. McMahon, himself had to shut down his American Football League, the XFL, as they were forced to cease playing just after five weeks of resumption.
The WWE also had to cancel all their live shows, and held WrestleMania - the biggest show of the year - amid closed doors. The WWE TV shows, and the pay-per-views, in the past three months have also been held at WWE Performance Center in Florida behind closed doors. Yet, McMahon has seemingly flourished in the past three months, something which was previously predicted by Wrestling Observer Radio’s Dave Meltzer.
McMahon’s rise in income is reportedly primarily due to the TV deals with USA and FOX network, and the ongoing controversial relationship with Saudi Arabia, which reportedly brings around $1 billion over the course of a decade.