TKO Group Holdings Inc executive chairman Vince McMahon plans to sell 8.4 million of his TKO shares, according to a prospectus filed on Thursday with the Securities and Exchange Commission (SEC).
The shares for sale in a secondary offering, at $79.80 each, are valued at about $700 million based on Thursday’s closing price and represent approximately 25% of McMahon’s total TKO stake, which was about 28 million shares as of August.
Endeavor Group Holdings, which owns 51% of TKO Group, said it will purchase $100 million of McMahon’s stock.
As well, TKO CEO Ari Emanuel and TKO president and Endeavor chief operating officer Mark Shapiro will both buy $1 million of the secondary offering each, with other company directors also acquiring a total of $850,000 of McMahon’s sale.
In August, McMahon was served with a Federal grand jury subpoena related to the sexual misconduct allegations, though no charges were filed.
Shares of TKO Group sank 8% to $78.10 in early Friday trading and have fallen 24% year to date.
Contact Sean at sean@proactiveinvestors.com