A lawsuit has been filed against Vince McMahon and WWE on behalf of the Oklahoma Firefighters Pension Fund. The lawsuit was filed on December 26th, 2019 in a Delaware Chancery Court. The pension fund, which owns stock in WWE, claims there is “a credible basis to believe” that Vince McMahon and other senior officers of WWE have diverted resources to the XFL, thereby breaching their commitments to WWE shareholders.
The lawsuit seeks to obtain documents relating to WWE’s ties to the XFL. The suit also alleges that members of WWE’s board failed to conduct reasonable investigation to ensure Vince McMahon hasn’t engaged in financial transactions that conflict with WWE’s interests.
The XFL is scheduled to begin operations in February of 2020.
Vince McMahon Sells WWE Stock To Resurrect The XFL
Earlier this year, Vince McMahon sold $270 million of WWE stock in order to bring back the football league. McMahon started the new company titled “Alpha Entertainment” which officially owns the XFL.
8 teams are confirmed for the league in 2020:
- Dallas Renegades
- Houston Roughnecks
- Los Angeles Wildcats
- Seattle Dragons
- DC Defenders
- New York Guardians
- St. Louis BattleHawks
- Tampa Bay Vipers
