WWE's problems so far in 2014 have been far and wide with the company criticized from all quarters during what has been a challenging year for WWE Chairman Vince McMahon.
McMahon made the bold and misguided decision to establish the subscription-based streaming service WWE Network earlier this year, and the platform has subsequently gone on to lose millions for the wrestling company.
WWE has been trying to impress investors over the last few months despite a backdrop of problems within the company, and one particular hedge-fund manager, Emmanuel Lemelson, is certainly not impressed with WWE's current situation.
Vince McMahon announced earlier this year that the WWE had to cut its 2014 budget by $20 million after severe problems within the company. So there is no wonder that when McMahon and the WWE began touting its social media popularity at a recent UBS media conference that there were going to be people like Lemelson, who runs Lemelson Capital Management, who resented the remarks.
"Lemelson, which made a killing shorting WWE earlier this year, is now long the stock—and pushing for changes. The hedge fund wants the wrestling giant to put it up for sale, or at least replace CEO Vince McMahon," Finalternatives.com reported.
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“He [WWE] really needs a professional CEO,” Lemelson explained.
"Furthermore, Lemelson is pushing for changes in WWE, and specifically wants Vince McMahon to either sell the company, or find a new CEO," WrestleZone added.News Now - Sport News