McMahon confirms WWE return plans

World Wrestling Entertainment majority shareholder Vince McMahon confirmed his intention to return to the company on Thursday.

McMahon, 77, issued a press release hours after the Wall Street Journal's Lauren Thomas reported the former chairman was seeking to return to the role in order to pursue a sale of the company.

In July, McMahon announced his retirement from the company amid an investigation into his alleged sexual misconduct. Along with his duties as chairman, McMahon stepped aside as the promotion's head of creative with his son-in-law, Paul "Triple H" Levesque, assuming the role.

McMahon cited the company's media rights deals with NBC Universal and FOX that are set to expire 2024 and upcoming renegotiations as the timing for his return.

"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms," McMahon said in a statement. "The only way for WWE to fully capitalize on this opportunity is for me to return as executive chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."

To facilitate the return, McMahon is electing Michelle Wilson and George Barrios, two former co-presidents of the company, to the board which will require the departure of three current board members.

Since McMahon's departure, his daughter Stephanie McMahon has served as chairwoman and co-CEO alongside WWE president Nick Khan.

In August, the company disclosed $19.6 million in unrecorded expenses from 2007 to 2009 with the bulk of the payments sent to women accusing McMahon of misconduct.

The WWE has not commented on McMahon's proposed return.