McMahon Resigns From TKO, WWE

Vince McMahon has officially resigned from Executive chairman of TKO Group Holdings and all roles relating to World Wrestling Entertainment (WWE).

The WWE co-founder released a statement Friday night after allegations of trafficking and sexual abuse surfaced earlier this week, per a report by ESPN.

McMahon, who became Executive chairman of TKO following the official merger of WWE and Ultimate Fighting Championship (UFC) earlier this year, has denied the aforementioned allegations and will “look forward to clearing my name.” An “unnamed” WWE superstar was also mentioned in the lawsuit, but no official identity has been revealed at this time.

McMahon’s official statement from Friday night can be read below:

“I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name.”

“However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”

President of WWE, Nick Khan, sent a statement to WWE staff members following the news of McMahon’s resignation (also obtained by ESPN):

“I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group holdings or WWE.”

Also on Friday, popular American snack company, Slim Jim, announced that it would “pause our promotional activities with WWE” as a result of the lawsuit against McMahon. Slim Jim had inked the biggest sponsorship deal in wrestling history just last year and was expecting to promote the brand at Royal Rumble this Saturday night in St. Petersburg, Florida.