WWE operates on many layers, because there is a complicated business world behind the sports entertainment lights. Nick Khan has been responsible for ushering WWE into a new era, but he is now selling out his remaining shares.
It was revealed on Friday that McMahon is selling up to 8.02 million shares he owns, per Sportico. The shares Vince McMahon has listed for sale are valued at over $776 million, based on TKO’s closing price of $96.76 on Friday. He is not the only person who is unloading a ton of stock, because Nick Khan is also listing all of his remaining TKO shares.
WWE president Nick Khan is also listed as a seller in the prospectus. He plans to sell his entire stake of 234,424 shares, including restricted stock units he has accumulated over time.
Despite these sales, Khan will continue in his current role at the company, as confirmed by a source familiar with the transaction who wished to remain anonymous and was not authorized to speak publicly on his behalf.
It’s important to understand that the filing only makes these shares eligible for sale; it doesn’t necessarily mean they will be sold. However, in the corporate world, such filings typically precede the actual sale of the shares soon after. Generally, in the business sector, when shares are listed like this, they tend to be sold.
Nick Khan’s Life Prior To WWE
Before joining WWE, Khan served as Co-Head of Television at CAA, where he represented top figures and organizations in sports media, negotiating media rights deals worth billions of dollars. Khan came on board at WWE in 2020 and played a pivotal role in driving the company to achieve record revenue and profitability.
He started his career as a practicing attorney, so he understands the intricacies of contract talks. Nick Khan and The Rock have also been friends since childhood, giving another strong connection to the pro wrestling business.
It will be interesting to see what his next move is, especially if he sells all of his stock, but remains with the company.
SEScoops will have more on this still-developing story as additional information is made known.
