Vince McMahon Resigns From WWE, TKO Group Holdings Amidst Sex Trafficking Allegations

Vince McMahon's role in WWE and its parent company, TKO Group Holdings, has come to an end. During Friday night's broadcast of "WWE SmackDown," Sean Ross Sapp reported that WWE President Nick Khan had sent the following memo to some staff:

"I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE."

Shortly after Sapp's report, McMahon issued a statement to Deadline.

"I stand by my prior statement that Ms. Grant's lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth," McMahon said, echoing his initial denial. "I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name."

"However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately," he said.

The news comes one day after news broke that former WWE employee Janel Grant had filed civil suit against McMahon and another former employee, John Laurinitis, alleging "physical and emotional abuse, sexual assault and trafficking at WWE." The allegations, which a TKO spokesperson referred to as "horrific," resulted in major WWE sponsor Slim Jim putting its deal with the company on pause one day before they were set to sponsor the Royal Rumble.