Below is an extract of a post published on Metro titled "Vince McMahon: How coronavirus caused massive dent in WWE tycoon’s billion dollar empire as he becomes Donald Trump’s new advisor"
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Via: Metro
Vince McMahon has become Donald Trump’s new advisor (Picture: WWE) Donald Trump sparked massive reaction when it was announced that WWE CEO Vince McMahon was one of six sports tycoons brought on board for a new advisory board to help re-start the US economy on Wednesday night (15 April). Vince is the biggest name in the wrestling business, helping build the careers of stars including Dwayne ‘The Rock’ Johnson, John Cena, The Big Show, and Austin 3:16. However, a few recent business decisions have seen his other fledgling companies tank, and even go bankrupt, in recent months due to coronavirus. Helping build the company from nothing into the worldwide juggernaut it is today, McMahon is currently worth approximately $1.7billion (£1.36billion). Here’s everything we need to know about the sudden new political heavyweight in the United States, and how he managed to create a billion dollar empire. How did Vince McMahon build his career? Vince McMahon was born into his lifelong career – following in the footsteps of his grandfather, Jess McMahon, and his father, Vincent. The pair founded the World Wide Wrestling Federation, now known as the WWE, in 1952, as part of the Capitol Wrestling Corporation, a boxing and wrestling promoting business. Vince took over the family business in 1982, and has been CEO ever since (Photo by Ethan Miller/Getty Images) The family did not initially come from a wealthy background, instead building the company from the ground up as they lived in a trailer park in North Carolina. Vince Jr joined the business in 1972, and took over as CEO of the company in 1982. He has maintained his position ever since, being the majority owner of the now multi-million dollar industry, airing in 30 languages in 150 countries. According to Forbes the WWE rakes in around a $1billion (£801.7million) in revenue a year. He also launched Alpha Entertainment, and with it, XFL, a football league to rival the US’s NFL, in February 2020. However it didn’t take long for ratings to fall in comparison to the strength of the NFL. Due to the coronavirus outbreak halting their games and therefore stopping income, Alpha, and the XFL, declared bankruptcy in April 2020 – two days before he was appointed as part of Trump’s advisory board. The World Wrestling businessman has created a massive empire from the sport (Picture: Eugene Gologursky/WireImage) The court papers and bankruptcy petition claim the companies had $50 million (£40million) each in assets and liabilities, after earning $14million (£11.2million) in earnings over the first three weeks, and losing a further $44million (£35.2million), according to Bloomberg. He came under fire by investment banker and former NFL player Andrew Kline, who told Forbes: ‘If Vince McMahon was 100% committed to the XFL, I think it could have survived COVID-19 and much worse.’ They’re currently looking to sell the assets of the company. Was Vince McMahon also a wrestler? Yes. On top of running one of the biggest companies in the industry, Vince also frequently appeared in the wrestling ring as ‘Mr McMahon’. He’s managed to bag numerous belts over the years – including the world championship twice, once in 1999 for WWF and once in 2007 in ECW. Vince’s star on the Hollywood Walk of Fame was revealed in 2008. Vince and Linda have been married since 1966 (Picture: Jim Spellman/WireImage) Who is Vince McMahon married to, do they have children, and are they connected to wrestling too? Vince has been married to his wife, Linda, since 1966, after she worked as CEO of World Wrestling Entertainment (WWE). The couple have two children – Shane and Stephanie – who both work as professional wrestlers, and six grandchildren. Wrestler Triple H, aka Paul Levesque, is his son-in-law. More: Donald Trump Why I’m grateful to be 3,500 miles away from home during lockdown 70m coronavirus checks delayed ‘after Donald Trump demanded his signature appear on them’ Donald Trump names WWE’s Vince McMahon as adviser to restart US economy Linda is now a Republican politician, and served in the Senate, becoming Trump’s Administrator of the Small Business Administration in 2016. In April 2019, she became Chairwoman of America First Action, a pro-Trump Super PAC, leaving her former position in order to aid his re-election campaign. Got A Story? If you’ve got a celebrity story, video or pictures get in touch with the Metro.co.uk entertainment team by emailing us celebtips@metro.co.uk calling 020 3615 2145 or by visiting our Submit Stuff page – we’d love to hear from you. MORE: WWE reveals coronavirus measures as Stephanie McMahon addresses health crisis MORE: Major WWE shakeup as Vince McMahon parts ways with co-presidents
