Vince McMahon has resigned from his place as the chief chairman of the board of TKO Group Holdings, Inc., the corporate shaped by Endeavor that merged WWE and the UFC.

“I wished to tell you that Vince McMahon has tendered his resignation from his positions as TKO Govt Chairman and on the TKO Board of Administrators,” WWE president and TKO board member Nick Khan stated in an e mail to employees seen by Selection. “He’ll now not have a task with TKO Group Holdings or WWE.”

McMahon’s exit comes after former WWE worker Janel Grant filed a lawsuit towards him, the corporate, and former WWE govt John Laurinaitis. The lawsuit alleges that McMahon abused and sexually exploited her and in addition trafficked her to different males, together with Laurinaitis, who was previously WWE’s head of expertise relations.

In response to Grant’s lawsuit, McMahon and Laurinaitis — on WWE property and utilizing WWE funding — each engaged in sexual assault and trafficking of Grant “each for their very own pleasure and as a pawn to safe expertise offers with potential wrestlers they had been recruiting.” McMahon “repeatedly used intercourse toys named after different WWE workers, wrestlers and performers to sexually groom Ms. Grant for trafficking to those self same folks,” per the swimsuit. A replica of the lawsuit is obtainable at this hyperlink.

“I stand by my prior assertion that Ms. Grant’s lawsuit is replete with lies, obscene made-up situations that by no means occurred, and is a vindictive distortion of the reality,” McMahon stated in a press release. “I intend to vigorously defend myself towards these baseless accusations, and look ahead to clearing my title. Nevertheless, out of respect for the WWE Universe, the extraordinary TKO enterprise and its board members and shareholders, companions and constituents, and the entire workers and Superstars who helped make WWE into the worldwide chief it’s at the moment, I’ve determined to resign from my govt chairmanship and the TKO board of administrators, efficient instantly.”

The lawsuit was filed days after it was introduced that WWE had secured a take care of Netflix to start airing “Monday Evening Uncooked” starting in 2025. The deal is valued at $5 billion.

McMahon beforehand stepped down as WWE’s CEO in June 2022 amid an investigation by the corporate’s board into alleged hush-money funds to girls who accused him of sexual misconduct over a interval of almost 20 years. McMahon used his place as WWE’s largest shareholder to return to the corporate in January 2023 as govt chairman to steer efforts to promote WWE, which was then merged with UFC to type TKO Group Holdings.

McMahon’s daughter, Stephanie McMahon, served as co-CEO and chairwoman of the board of administrators following her father’s exit. She resigned from the corporate lower than per week after his return after having been with WWE in numerous capacities for many of her life.

As WWE’s chief govt, McMahon made funds totaling $19.6 million courting again to 2007 associated to alleged misconduct, the corporate disclosed. In March 2023, McMahon paid WWE $17.4 million for prices the corporate incurred in investigating misconduct allegations towards him.