(Bloomberg) -- Vince McMahon is selling part of his stake in World Wrestling Entertainment Inc. through Morgan Stanley, people familiar with the matter said. The shares fell 5% in extended trading.

The bank is lining up buyers on behalf of WWE’s chief executive officer for 2.26 million shares at a price range of $37.75 to $38.25 each, the people said. That’s a discount of as much as 3.3% compared to Tuesday’s closing price.

The share sale follows a 40% decline in the stock this year amid shutdowns of live events to stop the spread of the coronavirus. McMahon’s XFL football league also canceled the remainder of its season on Friday.

McMahon is working with an undisclosed bank to provide current liquidity, according to a filing on Tuesday after the market closed. McMahon can elect to settle the deal in cash and retain his full ownership of pledged shares, the filing said.

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