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WWE chairman Vince McMahon has announced his retirement on social media.
The 76-year-old released a statement which reads: "As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.
"I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand.
"Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.
"I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.
"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always."
McMahon is perhaps the most influential figure in professional wrestling and he took over the WWE from his father Vince McMahon Sr. in 1982.
The WWE has become the face of professional wrestling in the last 40 years and McMahon has a net worth of over $2 billion, seeing off competition from World Championship Wrestling and Extreme Championship Wrestling in the 1990s.
McMahon would go on to confirm he is still the company's majority shareholder.
Stephanie McMahon, his daughter, was confirmed to be new chairwoman and co-CEO alongside Nick Khan.
McMahon continued: "I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan.
"As the majority shareholder, I will continue to support WWE in any way I can.
"My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together."
McMahon stepped down from his role as chairman and CEO of WWE in June amid an ongoing investigation into allegations he paid money to an employee he allegedly had an affair with, as reported by the Wall Street Journal.
He is not in attendance for Friday's edition of SmackDown according to multiple sources.