Selling WWE?

[Jacob Fox]

In relation to the topic at hand, I definitely wouldn't like it if Vince would sell. I dunno. For me, growing up, Vince McMahon owning the WWF/WWE was like a constant... just one of those things. Not having the McMahon family own WWE would be like Ben separating from Jerry and selling gruel instead of ice cream. It would be weird.

 

[Stopspot]

Not really. I am sure a man of McMahon's wealth has a will and his shares in the company would go to whomever he willed them to. There is no American law that would automatically split them between his children and wife. If McMahon doesn't have a will, which I find HIGHLY unlikely, 100% of his shares would go to Linda if she is still alive. If Linda is not and McMahon doesn't have a will, only then would it actually be split between kids.

It's a moot point, however, because he likely has a will.

This works under the assumption that Vince actually dies. Pretty sure Vince intends to live forever

 

[Jacob Fox]

This works under the assumption that Vince actually dies. Pretty sure Vince intends to live forever

He's like Queen Elizabeth II, he'll be around forever.

 

[Stopspot]

He's like Queen Elizabeth II, he'll be around forever.

Every piece of stock Vince owns is a horcrux

 

[Jacob Fox]

Every piece of stock Vince owns is a horcrux

I think you just won comment of the month. I won't even try to top that haha.

 

[Zardnaar]

Another reason VInce might sell is eventually one of these lawsuits they keep getting hit with will stick and several of them would have destroyed WWF/E or sent Vince to jail.

There are some pending now over concussions and things like that which WWE will likely win but one sticking out is treating the talent as independent contractors which in the territory system they were.

The podcast I watched last night was explaining it and even in USA law there is a very good case to be made that the talent are employees not independent contractors. An independent contractor is something like a plumber. You need a job done ring them up they come around when they can and do the job without you telling them want to do beyond fix it and you do not tell them their hours either. They will get the job done when they can and said job will take a long as it takes and they will charge you for it.

In the territory system you could leave with 2 weeks notice and go work for another promoter or if they did not pay you that can also be used as an excuse to get out of your contract (TNA has this problem now). They have not paid their wrestlers so in theory they can sign up to the WWE or RoH straight away.

As an independent contractor in the WWE however they are telling you when and where to work, how to work, what to say while you work, and you do not have freedom to say what you like to the media or your public appearances if they need you. Hell they are even training wrestlers now. Even in US employment law (which is terrible by our standards) that tends to cross the line between independent contractor and employee. The distinction is important for things like retirement benefits and things like that the WWE has been denying the talent for decades.

If WWE loses that one they might be in the shit and they are not making the big money like they used to. And apparently there is some legal merit to that case unlike some of the other shakedown lawsuits they have faced.

 

[Stopspot]

Vince is not selling the company.

 

[Koko B.]

 

[Prince Bálor]

Naaah. He ain't selling the company.

 

[Zardnaar]

He is not planning to all he said was he would sell it for the right offer.

 

[Jacob Fox]

Another reason VInce might sell is eventually one of these lawsuits they keep getting hit with will stick and several of them would have destroyed WWF/E or sent Vince to jail.

There are some pending now over concussions and things like that which WWE will likely win but one sticking out is treating the talent as independent contractors which in the territory system they were.

The podcast I watched last night was explaining it and even in USA law there is a very good case to be made that the talent are employees not independent contractors. An independent contractor is something like a plumber. You need a job done ring them up they come around when they can and do the job without you telling them want to do beyond fix it and you do not tell them their hours either. They will get the job done when they can and said job will take a long as it takes and they will charge you for it.

In the territory system you could leave with 2 weeks notice and go work for another promoter or if they did not pay you that can also be used as an excuse to get out of your contract (TNA has this problem now). They have not paid their wrestlers so in theory they can sign up to the WWE or RoH straight away.

As an independent contractor in the WWE however they are telling you when and where to work, how to work, what to say while you work, and you do not have freedom to say what you like to the media or your public appearances if they need you. Hell they are even training wrestlers now. Even in US employment law (which is terrible by our standards) that tends to cross the line between independent contractor and employee. The distinction is important for things like retirement benefits and things like that the WWE has been denying the talent for decades.

If WWE loses that one they might be in the shit and they are not making the big money like they used to. And apparently there is some legal merit to that case unlike some of the other shakedown lawsuits they have faced.

The lawsuits pose no danger to Vince of eventually going to jail. Civil lawsuits are decided by a preponderance of the evidence, where the person suing only has to convince the judge that his case is 51% likely to be correct. Criminal cases have to be proven beyond a reasonable doubt, which is supposedly 100% surety. Lawsuits themselves hold absolutely no criminal penalties to them. And because civil lawsuits require MUCH less evidence than criminal, a civil judgment rarely is used as evidence in a criminal case because civil judgments are not considered evidence of a crime. So even if Vince loses the civil lawsuit for the concussion lawsuit, it would never result in him being in any danger of going to jail.

According to the IRS, WWE wrestlers are not independent contractors. You're pretty much right on your definition of independent contractor. If the employer controls how and when you do the job, you are an employee and not an independent contractor. Regardless of how much Vince seems to get away with this definition, it is not the correct definition. Here's a very interesting page on that: Independent Contractor (Self-Employed) or Employee?

Vince is unlikely to sell WWE. In fact, he might simply be saying he is open to it in order to get a rise in stock prices. This sort of talk often has a positive effect on stock price.

 

[Zardnaar]

The lawsuits pose no danger to Vince of eventually going to jail. Civil lawsuits are decided by a preponderance of the evidence, where the person suing only has to convince the judge that his case is 51% likely to be correct. Criminal cases have to be proven beyond a reasonable doubt, which is supposedly 100% surety. Lawsuits themselves hold absolutely no criminal penalties to them. And because civil lawsuits require MUCH less evidence than criminal, a civil judgment rarely is used as evidence in a criminal case because civil judgments are not considered evidence of a crime. So even if Vince loses the civil lawsuit for the concussion lawsuit, it would never result in him being in any danger of going to jail.

According to the IRS, WWE wrestlers are not independent contractors. You're pretty much right on your definition of independent contractor. If the employer controls how and when you do the job, you are an employee and not an independent contractor. Regardless of how much Vince seems to get away with this definition, it is not the correct definition. Here's a very interesting page on that: Independent Contractor (Self-Employed) or Employee?

Vince is unlikely to sell WWE. In fact, he might simply be saying he is open to it in order to get a rise in stock prices. This sort of talk often has a positive effect on stock price.

My comment was about the steroid one in the 90's Vince could have been hit with an 11 year sentence

 

[Jacob Fox]

My comment was about the steroid one in the 90's Vince could have been hit with an 11 year sentence

You said "lawsuits." That wasn't a lawsuit, that was a criminal case. Lawsuits exclusively mean civil cases between two private parties. That's why it didn't come across as if you were speaking of a criminal case.

Edit: not trying to be an ass here, I am just generally very literal.

 

[Trevor~]

Oh man imagine NJPW buying out WWE one day. New America Pro Wrestling.

 

[Kaitlyn Rage]

I think Vince's pride would get in the way of him just selling it. He broke his back trying to make WWE great. He had to file for bankruptcy when Stephanie was born to make ends meet. The only way I think he would sell it was if he thought it was too far downhill with no upswing in sight.