Vince McMahon, Paul “Triple H” Levesque and Nick Khan are now listed among the major names expected to be involved in the upcoming trial over WWE’s 2023 merger with Endeavor to create TKO Group Holdings.
A joint proposed pre-trial order filed publicly on Tuesday and obtained by POST Wrestling lays out the witness lists in the shareholder lawsuit challenging how the deal came together. McMahon and TKO CEO Ari Emanuel are listed as live witnesses by both sides, while the defendants also intend to call Levesque and Khan in the courtroom.
The lawsuit is centered around allegations that McMahon steered WWE toward a deal with Endeavor because it allowed him to remain involved with the company after sexual misconduct allegations became public in 2022. The shareholder plaintiffs claim other potential bidders were not given a fair opportunity to compete for WWE, potentially costing investors a better deal. McMahon and the other defendants deny the allegations.
The case names McMahon, Khan, Levesque, George Barrios and Michelle Wilson as defendants over their roles as members of WWE’s board during the merger process. WWE and TKO are not named as defendants in the lawsuit, though the companies could ultimately face financial responsibility through indemnification if damages are awarded.
The plaintiffs intend to call McMahon, Emanuel, TKO President and COO Mark Shapiro, Raine banker Jeffrey Sine, former WWE executive Frank Riddick and current TKO Chief Financial Officer Andrew Schleimer as live witnesses.
The defendants’ live witness list includes McMahon, Emanuel, Khan, Levesque, Shapiro, Barrios, Wilson, Sine, Riddick, Schleimer, current TKO board member Steve Koonin and TKO Chief Strategy Officer Mark Zhu, among others.
Stephanie McMahon could also become part of the trial. The plaintiffs listed her as a witness they may call live or present through previously recorded deposition testimony. Stephanie served as a WWE executive and board member before resigning shortly after her father returned to the company in January 2023.
The plaintiffs have argued that McMahon returned to WWE and pushed the company toward a transaction with Endeavor because he believed Emanuel would keep him involved after the deal closed. They are also challenging WWE’s internal investigation into allegations against McMahon, calling it a “sham” inquiry that was effectively wrapped up shortly before his return.
Liberty Media, which was among the potential bidders for WWE, is also part of the developing courtroom picture. Current Liberty Media CEO Marty Patterson is listed as a possible witness, while lawsuit filings show former Liberty CEO Greg Maffei describing the TKO transaction as “pre-wired” in an internal email after the deal was announced.
The merger ultimately created TKO in 2023, combining WWE and UFC under the same corporate umbrella. McMahon remained attached to the new company as executive chairman before resigning again in January 2024 after Janel Grant filed a federal sex trafficking lawsuit against him. McMahon has denied Grant’s allegations.
Grant was also one of the women connected to nondisclosure agreements involving McMahon that became public in 2022. The proposed order indicates pseudonyms will be used during the trial for other women involved in NDA agreements with McMahon, aside from Grant and Rita Chatterton, whose names are already public.
The shareholder plaintiffs are seeking to have the case evaluated under Delaware’s “entire fairness” standard, which would require the defendants to show that both the process and the terms of the merger were fair to WWE shareholders. If the plaintiffs prevail, damages could reach millions of dollars, with the possibility of a much larger award.
This will not be a jury trial. The case is being handled in the Delaware Court of Chancery, where Vice Chancellor J. Travis Laster will decide the outcome. A ruling is not expected immediately after the trial ends, as the court would likely issue a written opinion at a later date.
The witness list makes it clear this trial could put WWE’s most powerful decision-makers under a very uncomfortable spotlight. McMahon’s return, the Endeavor deal, WWE’s internal investigation and the creation of TKO are all tied together in a case that could force major names from the company’s recent history to explain exactly how one of wrestling’s biggest business transactions came together.
What do you think about Vince McMahon, Triple H, Nick Khan and Ari Emanuel being listed as witnesses in the WWE-TKO merger lawsuit trial? Leave your thoughts in the comments.
Source basis: the joint proposed pre-trial order details provided in the source text, corroborated by prior public reporting on the Delaware shareholder action and its central allegations.