The intricate machinations behind the monumental sale of World Wrestling Entertainment to Endeavor, culminating in the formation of TKO Group Holdings, are slowly being peeled back, revealing a narrative far more prescient than previously understood. Newly surfaced documents, including internal communications and text messages, paint a picture of key executives within Endeavor – the parent company now helming WWE – not only anticipating Vince McMahon’s eventual return to the company’s helm but also accurately predicting the ultimate trajectory: a sale to their own organization. This foresight, evident in exchanges from the tumultuous period of 2022 and early 2023, suggests a strategic understanding of McMahon’s ambitions and WWE’s evolving corporate landscape, a view that was ultimately validated by the groundbreaking merger.
The revelations emerge from an exhaustive report by Brandon Thurston of Wrestlenomics, in collaboration with Post Wrestling, who gained access to a trove of documents unearthed as part of the ongoing WWE shareholder lawsuit. This legal battle probes the circumstances surrounding McMahon’s decisive role in orchestrating the merger with Endeavor’s UFC, alleging that his actions prioritized his own power consolidation and potential financial gain over securing the most advantageous deal for the company’s shareholders. Within this legal discovery, a particularly telling exchange stands out. Mark Shapiro, a pivotal figure in Endeavor’s leadership and now a key executive within TKO, sent a message on July 22, 2022, to Andrew Schleimer, TKO’s current Chief Financial Officer, and Jason Lublin, who was Endeavor’s CFO at the time. The date is significant; it was the very same day Vince McMahon publicly announced his "retirement" from WWE.
Shapiro’s message, laced with an almost uncanny accuracy, outlined his expectations for the immediate future of WWE’s leadership. He wrote, "Nick and Stephanie are going to take over the WWE for the next nine months. Vince [will] be back with a new board or he will take the company private or he will sell it/coming to us. The race is on. The courtship is on." The individuals referenced, Nick Khan and Stephanie McMahon, were indeed positioned to assume significant roles within WWE’s day-to-day operations during this interim period. While the exact reasoning behind Shapiro’s precise prognostication remains somewhat opaque from the documents alone, his assessment proved remarkably prescient. Vince McMahon did indeed return to the WWE Board of Directors less than six months later, in January 2023, with a clear objective: to facilitate the sale of the company. The subsequent merger with Endeavor, finalized three months after his return, cemented Shapiro’s foresight as a stunningly accurate prediction of events to come.
Further examination of the unearthed records reveals a pattern of communication and strategic alignment between Vince McMahon and Ari Emanuel, the formidable CEO of Endeavor, that predates McMahon’s public exit and subsequent return. These communications indicate that discussions regarding WWE’s future, including its potential sale, were already underway during the period McMahon stepped down and was contemplating his next move. Notably, a dinner engagement in August 2022 is documented, bringing together Emanuel, Stephanie McMahon, and Nick Khan. While such a meeting between the primary shareholder of WWE and the head of a major entertainment and sports conglomerate might not be inherently suspect, especially given McMahon’s influential position at the time, the context of these communications imbues it with significant meaning. It suggests that exploratory conversations, possibly about a future partnership or acquisition, were already on the table.
The communications also reveal a more personal, yet potentially indicative, interaction. In the same month of August 2022, Emanuel offered backstage passes to a Bill Burr comedy show at Boston’s iconic Fenway Park. While portions of this exchange are redacted, one particular line from Emanuel stands out: "I will be your greatest partner." Whether this was a general offer of goodwill or a direct allusion to the burgeoning discussions about a potential partnership or sale remains a matter of speculation, but it certainly adds another layer to the narrative of a developing relationship between McMahon and Endeavor. The willingness of Emanuel to travel from Paris to Italy to meet with McMahon following a meeting McMahon had with a senior banker further underscores the intensity of these early engagements. This banker, it’s important to note, had a pre-existing professional relationship with Endeavor and had previously advised McMahon on his XFL relaunch in 2020, suggesting a deep well of trust and familiarity.
The sentiment of a "pre-wired" deal was not confined to Endeavor’s internal circles. Executives from Liberty Media, another entity that had expressed interest in acquiring WWE, also voiced their internal perceptions following the April 2023 merger announcement. Their internal emails suggested that the deal with Endeavor felt prearranged, implying that the formal bidding process may have been more of a formality than a genuine competition, with the outcome seemingly predetermined. This perspective lends further credence to the idea that a strategic alliance was being cultivated behind the scenes, with Vince McMahon playing a pivotal role in guiding WWE towards a specific destination.
Beyond the corporate maneuvering, the revealed documents also offer a glimpse into Vince McMahon’s continued, albeit behind-the-scenes, involvement in WWE’s creative direction even after his initial departure. In February 2023, text messages between McMahon and Nick Khan show McMahon inquiring about "new creative" plans for Roman Reigns and Cody Rhodes concerning WrestleMania 39 and the following year’s event. McMahon specifically mentioned that he had discussed these creative adjustments with Paul Levesque and Bruce Prichard, key figures in WWE’s creative hierarchy. Khan’s cryptic reply, "Langis," which McMahon initially didn’t understand, was explained as "Signal" read backward, an encrypted messaging application. This exchange is particularly noteworthy because it appears to contradict Khan’s later public statements on CNBC a month later, where he asserted that McMahon was not involved in the creative process. The specific nature of the "new creative" McMahon was referring to, and whether he exerted any influence over the outcome of the WrestleMania 39 main event, where Roman Reigns defeated Cody Rhodes – an outcome that surprised many fans – remains a subject of further investigation, but the texts strongly suggest a continued, albeit subtle, hand in shaping the narrative.
The shareholder lawsuit, which is slated for trial in June 2026, is rapidly approaching the conclusion of its discovery phase. The potential for financial restitution for the plaintiffs hinges on a successful verdict in their favor. The documents brought to light through this legal process are not merely footnotes to a business transaction; they are illuminating the complex and often opaque strategies employed by powerful figures in the sports and entertainment world. They reveal a calculated approach to corporate maneuvering, where personal ambition, strategic foresight, and a deep understanding of an organization’s potential are woven together to achieve a desired outcome. The story of WWE’s sale to Endeavor, as it continues to unfold through these revelations, serves as a compelling case study in the intersection of business acumen, personal influence, and the ever-evolving landscape of professional wrestling. The anticipation of Vince McMahon’s return and his ultimate decision to sell to Endeavor, as foreseen by Shapiro and likely understood by many within Endeavor’s leadership, was not a matter of chance but a testament to a strategic vision that saw the ultimate consolidation of power and value under one corporate umbrella.
