Vincent Kennedy McMahon is a household name when it comes to wrestling. He is, without a doubt, the face of WWE with a star to his name in the walk of fame. It can be presumed that a high ranking personality like him would be a billionaire, but what can’t be is the fact that he took numerous tumbles from his high chair.
During his term as chairman, he and the industry took a lot of beating financially (no pun intended), almost until the point of bankruptcy. Let’s run through some of these massive blunders.
The Steroid Game
Back in 1993, Vincent came under fire for procuring and using steroids for his prized fighters. All of us know how people and fans were obsessed to find out if “WWE was fake.” “Were the fighters using any kinds of enhancements?”, these were conspiracy theories people loved.
Finally, when the use of steroids came into the limelight with proof, people went ballistic. McMahon, being the face of everything back then, had to face the stick. He, along with WWE, was sued over the procurement and use of anabolic steroids. This put a big black mark on McMahon’s reputation and also cost him an excessive amount of money.
The Owen Hart Tragedy
In 1999, during a match in Kansas city, wrestler Owen Hart lost his life while performing a stunt. Owen was supposed to be lowered down onto the centre ring from over 25 feet, but the straps holding him on to the crane ripped causing him to fall. He was rushed to the hospital but he died shortly.
The controversy arose when McMahon and WWE decided to continue the show even after the report of Owen’s death. Martha, Owen’s widow, sued WWE over this decision which resulted in a loss of $18 Million.
The XFL Football Blunder
Fast forward to 2001, McMahon came up with the concept of XFL, which was his own take on football leagues. Unfortunately, the idea didn’t take off and XFL lasted for as short as 2 seasons. It shortly went bankrupt, affecting his reputation as a businessman in the worst way possible. To top it off, McMahon lost a staggering amount of money.
Even though McMahon himself stated that the XFL was a colossal failure, it doesn’t seem like he’s ready to accept his loss yet. Apparently, Vincent is in talks to revive the XFL, however according to ratings say he’s in for another huge loss (estimated at around $2 Billion).
Deal gone South
Come 2014, Vince McMahon who once was a billionaire lost over $350 million, which made up over 30% of his net worth, in a deal gone south. This took place after WWE signed a new television deal. The situation got so bad that the stocks fell to almost $11 from around $30.
WWE was planning on signing a deal with NBC Universal. However, the deal was valued at far less than the investors had hoped. Investors were expecting to get almost triple or quadruple the company’s worth from the deal, but it didn’t even come close. Additionally, viewers were shifted from pay per view to a monthly subscription offer, as a result of this deal, which again did not result in any good for the company.
The combination of all the above mentioned blunders have cost around 50% of MacMahon’s net worth, however the funny thing that still remains is, each time Vincent has bounced back. As of now, McMahon has worked himself back. Forbes now estimates his fortune at $1.7 billion but according to various reports McMahon with the upcoming revival of XFL is set for yet another failure.