Billionaire Vince McMahon Saves Himself from Getting Sued for Almost $25 Million

Published 06/21/2022, 12:00 PM EDT

Vince McMahon is inarguably one of the biggest names in the professional wrestling business. Over the years, the WWE Chairman has put on some great shows and has made the company a lot of money. He has also tried his hand in other businesses like movie production, the football league XFL, etc.

ADVERTISEMENT

Article continues below this ad

Mr. McMahon was the founder of the now-famous football league XFL. However, he declared bankruptcy in 2020, and during the same time, fired Oliver Luck, who was the former XFL commissioner. Luck filed a lawsuit against former WWE CEO and Chairman Vince McMahon for termination without cause.

ADVERTISEMENT

Article continues below this ad

Recently, the news broke of Vince McMahon and Oliver Luck having reached a settlement. However, the terms and conditions of the settlement are unknown.

PWInsider confirmed the news in their report stating, “A settlement has been reached in the lawsuit brought against Vince McMahon by former XFL Commissioner Oliver Luck just weeks before the planned commencement of a trial on 7/11 in Connecticut. Despite settlement talks last week ending after just nine minutes last week, a filing on 6/17 requesting the United States District Court of Connecticut seal all documents related to the case.”

Oliver Luck had signed a five-year contract of $35 million in 2018. However, when Vince McMahon fired him, Luck sued the WWE Chairman and Alpha Entertainment for more than $23.8 million.

In 2018, McMahon launched a new company, Alpha Entertainment. It was to pursue a number of potential entertainment endeavors and a potential relaunch of the XFL. The original XFL ran in 2001 and was shut down after one season.

They launched the reboot of XFL in 2018, but it did not run its operations due to Covid-19 and Mr.McMahon filed bankruptcy.

DIVE DEEPER

WWE and NFL Fans Unite as The Rock and His Ex-wife Dany Garcia Open Their Heart Out Regarding the XFL

2 months ago

In August 2020, actor Dwayne Johnson and longtime business partner Dany Garcia with Gerry Cardinale’s RedBird Capital to purchase the XFL for $15 million.

Why is Vince McMahon under investigation?

Vince McMahon, after this settlement with Oliver Luck, may have one less thing to worry about. Recently, news began to circulate that Vince McMahon was under investigation. It was for the allegations about him paying $3 million to a former employee with whom he had previously had an affair. 

Watch this story:-  Dwayne Johnsons Daughter Simone to The Undertakers Daughter Kaia – Meet Daughters of Top WWE Stars

ADVERTISEMENT

Article continues below this ad

Previously, the acknowledgment of Mr. McMahon having allegedly engaged in extra-marital affairs was made public. However, the issue has now once again come to the front in the public. Despite all the accusations against him, Vince McMahon appeared on last week’s SmackDown and the latest episode of Monday Night RAW.

ADVERTISEMENT

Article continues below this ad

 Mr. McMahon has stepped down as the Chairperson of WWE. Furthermore, his daughter Stephanie McMahon will serve as the interim Chairperson of WWE while the investigation is in the process.

 

SHARE THIS ARTICLE :

ADVERTISEMENT

Tushar Deogharkar

627 articles

Tushar Deogharkar is a WWE writer at EssentiallySports. Tushar has done his Master's in Tourism Management and is an ardent fan of pro wrestling. He follows WWE and AEW very closely and wants to learn how the promotions are run.

ADVERTISEMENT

ADVERTISEMENT