Vince McMahon has resigned from sports entertainment company TKO Group effective immediately amid sexual misconduct allegations against him which he has denied.

McMahon, 78, made the announcement Friday that he would step away from his dual roles as TKO Executive Chairman and on the TKO Board of Directors. TKO Group Holdings was formed when World Wrestling Entertainment merged with Endeavor’s Ultimate Fighting Championship last April.

McMahon’s resignation came a day after former WWE employee Janel Grant accused him of sexual assault, trafficking and physical abuse in a lawsuit that was filed. He denied all the allegations.

“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. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name,” McMahon said.

“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,” the statement continued.

McMahon has been synonymous with WWE for decades, taking the helm of the wrestling organization in 1982 from his father and founder of the then World Wrestling Federation, Vincent J. McMahon. Under the younger McMahon’s stewardship, the WWE became the premiere wrestling organization in the world but not without controversy.

McMahon stepped down from WWE in 2022 amid misconduct allegations. McMahon returned to the company in January 2023 and ultimately merged WWE with UFC.

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