Vince McMahon might have his wrestlers fight for money in the bank, but he will have plenty more coming to him.
According to a report by Sportico, the World Wrestling Entertainment founder will collect about $111 million in approximately two weeks from a dividend established on September 13 by TKO Group Holdings (TKO) -), the newly minted publicly traded company that houses both the Ultimate Fighting Championship (UFC) and the WWE.
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The company declared a one-time dividend of $3.86 per share payable to shareholders of record as of a week from Friday. According to a regulatory finding, McMahon owns close to 29 million shares in TKO.
Regulatory filings from Tuesday also disclosed that the WWE founder took out a loan with an unnamed bank to borrow $85 million, which must be repaid in company shares or cash in March 2024.
McMahon pledged almost 3.5 million TKO shares as collateral for said loan, but, further terms and conditions of the loan might show a downside for taking this advance.
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One clause in the loan stated that if TKO shares trade at or below $36 in March, he must repay shares to the bank equal to around $125 million, however, if shares trade at the extreme bottom end to around $5 in March, McMahon would only be charged in repaying shares equal to $17.4 million to settle the loan.
As of 2:45pm EST on Sept. 13, TKO is trading at around $100 per share.
Vince McMahon sold the WWE to the Endeavor Group to form TKO in a deal that closed on September 12 and serves as its executive chairman.
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