World Wrestling Entertainment has confirmed that former CEO and majority shareholder Vince McMahon is returning to the company’s board.

After news broke of McMahon’s return, the company’s shares spiked 17% to more than $84 per share.

WWE said in the Friday press release announcing McMahon’s return, “Today, we announce that the founder of WWE, Vince McMahon, will be returning to the Board.”

McMahon had announced himself on Thursday that he intended to reinstate himself as executive chairman, and then seek to sell the company. He also announced he would be bringing back former co-presidents Michelle Wilson and George Barrios as directors on the board.

Three board members were removed in the reorganization, JoEllen Lyons Dillon, Jeffrey Speed and Alan M. Wexler.

Ignace Lahoud and Man Jit Singh, two other directors, resigned from the board, effective Friday.

McMahon had stepped down from the board after an internal investigation concluded he had paid four women almost $15 million dollars over 16 years, to quash allegations of sexual harassment.

As the majority shareholder however he maintained control over the company, even after his departure. The company had noted in a November regulatory filing, “Mr. McMahon can effectively exercise control over our affairs.” 

The Wall Street Journal reported McMahon decided to force his return out of a concern over upcoming negotiations over media rights and strategic initiatives. WWE has been mentioned as a target for acquisition recently.

MKM Partners analysts, who rated the company stock a buy, said in a note after the announcement of McMahon’s return, that, “an immediate exploration of a sale for WWE makes a lot of sense.”

WWE said Friday, it was examining, “strategic alternatives,” but noted, “There is no assurance that this process will result in a transaction.”

Over the last 12 months, the company’s shares have risen more than 70%. The company’s market capitalization is over $6 billion. The company will report fourth quarter earnings February 2nd.