The wrestling legend tendered his resignation because the Govt Chairman of TKO, the corporate that owns WWE … only a day after an explosive lawsuit was filed by a former WWE staffer, alleging McMahon sexually assaulted her on quite a few events.

78-year-old McMahon launched a press release reiterating his innocence with respect to the disturbing allegations however would step down as a result of it is the very best transfer for the wrestling promotion he constructed many years in the past.

“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.”

McMahon was not working the day-to-day operations for WWE … however nonetheless had a distinguished function inside TKO. TKO Group Holdings has owned WWE since its buy in 2023.

Curent WWE president Nick Khan introduced the information to his staff late Friday, sending an electronic mail to the staffers.

“[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,” Khan wrote.

The huge shakeup comes after a federal lawsuit was filed in Connecticut on Thursday by Janel Grant … the place she claimed she was subjected to degrading sexual acts by the hands of Vince.

Amid the allegations, Grant accused McMahon of defecating on her throughout a threesome in 2020.

She says the state of affairs left her “miserable and enraged,” although she did not go away as a result of “in her years of experience with McMahon, she knew her requests to stop would be ignored at best or used to destroy her career and reputation at worst.”

In the end, Grant claimed McMahon distanced himself from her in early 2022 after his spouse Linda McMahon grew to become conscious of their alleged relationship.

A while after, McMahon, in accordance with Grant, agreed to pay her $3 million in alternate for signing a non-disclosure settlement, however she says he did not pay the total quantity.

McMahon has claimed the allegations contained within the lawsuit are meritless, calling the go well with “replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth.”

Former WWE govt John Laurinaitis was additionally named within the lawsuit.

Story growing …