Vince Mcmahon has resigned from WWE/UFC's parent company.

The 78-year-old businessman has stepped down as executive chairman of TKO Group Holdings, following sexual abuse and traffic allegations made against him by a former member of staff.

EX-WWE employee Janel Grant has sued McMahon, the WWE, and former senior vice president of talent relations John Laurinaitis, claiming she experienced "physical and emotional abuse, sexual assault and trafficking" while working at the company.

McMahon told PEOPLE in a statement: "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.

"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."

McMahon previously stepped down as chairman and CEO of the WWE in June 2022 and announced his retirement a month after.

However, he was then "unanimously" elected executive chairman of the board in January 2023.

And, when the WWE and UFC merged in September to create TKO Group Holdings, McMahon took on the role of executive chairman, which he held until his recent resignation.