World Wrestling Entertainment confirmed on Friday that former CEO and majority shareholder Vince McMahon would be reinstated to the company’s board.

The company’s stock skyrocketed 17% to more than $84 a share on the news of McMahon’s comeback.

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

The Board’s confirmation follows McMahon’s own announcement on Thursday that he intended to reinstate himself as executive chairman and launch an effort to sell the company. 

McMahon initially stepped down as CEO after an investigation found that he had paid nearly $15 million to four women over 16 years to quiet claims of sexual misconduct.

In a November regulatory filing, WWE said, “Mr. McMahon can effectively exercise control over our affairs.”

McMahon saw a need to return to his board position as the company faces negotiations over media rights and strategic initiatives moving forward, according to The Wall Street Journal. WWE has been spotted as a target for acquisition recently.

Analysts at MKM Partners, which has a buy rating on the stock, said in a note Friday that “an immediate exploration of a sale for WWE makes a lot of sense.”

WWE confirmed Friday it would review “strategic alternatives,” but said, “There is no assurance that this process will result in a transaction.”