Vince McMahon Sells Around $23M in WWE Stock; Around 1% of Stake in Company

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WWE reported to the United States Securities and Exchange Commission on Monday that Chairman Vince McMahon sold 306,000 of his shares in the company. 

According to Sean Rueter of Cageside Seats, McMahon netted nearly $23 million in the sale.

That is merely a drop in the bucket for McMahon, though, as he still owns 32 million shares worth an approximate $2.3 billion.

In total, McMahon sold off only about one percent of his stake in WWE.

The decision to sell some shares may be in relation to the upcoming launch of the XFL in 2020.

Per Rueter, McMahon sold around $100 million worth of stock earlier this year before announcing that he was starting up a new football league.

McMahon owns the company through an entity called Alpha Entertainment to ensure that WWE isn't part of the league unlike the original XFL in 2001.

The first incarnation of the XFL lasted just one season, but McMahon has been insistent that the new version will differ significantly from the old one apart from the name.

Tyler Treese of Wrestlezone reported on Nov. 30 that the XFL's website provided evidence that teams will reside in Dallas, Houston, Los Angeles, New York City, St. Louis, Seattle, Tampa and Washington, D.C. for the XFL's inaugural season in 2020.

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An official announcement regarding team locations will be made on Wednesday.

With another $23 million in hand, McMahon is seemingly gearing up to invest heavily in the XFL as it heads closer to its debut campaign.

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