WWE President Nick Khan issued a statement to staff on Friday informing them that Vince McMahon had tendered his resignation from his positions with TKO and WWE following recent allegations.

The statement read, “I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board Of Directors. He will no longer have a role with TKO Group Holdings or WWE.”

In a statement released to Deadline, McMahon addressed the allegations and his resignation stating, “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.”

Additionally, a report from Dave Meltzer of The Wrestling Observer notes that with McMahon tendering his resignation, this now means that he will not have the voting power in TKO that he previously held in WWE, and that he will not be able to return in a role like he previously done so prior to the merger with UFC to create TKO.