Market Overview

Vince McMahon Sued By Former XFL Commissioner Oliver Luck For Wrongful Termination

Vince McMahon Sued By Former XFL Commissioner Oliver Luck For Wrongful Termination

XFL owner Vince McMahon has been sued by the football league's former commissioner Oliver Luck for an alleged wrongful termination.

What Happened

The lawsuit filed in a Connecticut court last Thursday alleges that McMahon and his XFL holding company Alpha Entertainment LLC, breached the terms of Luck's employment contract, Action Network reported Tuesday.

According to Luck's lawyers, he was supposed to be paid $20 million to $25 million over the course of five years. If he is fired without cause, Luck would be owed the remaining amount anyway.

In the complaint, the lawyers disputed that the causes stated in the termination letter of Luck were proper.

"Mr. Luck wholly disputes and rejects the allegations set forth in the Termination Letter and contends they are pretextual and devoid of merit," the complaint says.

Why It Matters

This is the second attempt of World Wrestling Entertainment, Inc. (NYSE: WWE) founder McMahon's to put XFL league on its feet after 2001 failure. This time the league has to be shut down as the novel coronavirus (COVID-19) pandemic forced its first season to be closed prematurely.

XFL filed for bankruptcy last week and said it wasn't "insulated from the harsh economic impacts" of the pandemic.

The filing said that the football league had $10 million to $50 million in liabilities and 1,000 to 5,000 creditors, but Luck wasn't listed as one of them.

Price Action

WWE shares closed 2.6% lower at $39.53 on Tuesday.


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