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Founder Vince McMahon resigns from WWE following sexual assault suit

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Vince McMahon, WWE founder, has resigned as chairman of TKO Group Holdings following a lawsuit accusing him of sexual assault.

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WWE president Nick Khan confirmed McMahon's resignation in an email to staff, stating McMahon will no longer have a role with TKO Group Holdings or WWE.

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McMahon vehemently denies the allegations, describing the lawsuit as replete with lies and a vindictive distortion of the truth.

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McMahon remains a major shareholder in TKO Group, and his resignation comes in the wake of WWE advertiser Slim Jim pausing its sponsorship due to the allegations.

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TKO Group, led by CEO Ari Emanuel, emphasizes that McMahon does not control TKO, and the matter is being taken seriously.

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This development occurs amid a significant $5 billion streaming deal between WWE and Netflix for the next 10 years.