WWE has confirmed the full cost of the investigation into alleged misconduct committed by former Chairman of the Board, Vince McMahon.
The wrestling world was stunned in 2022 when allegations of sexual misconduct towards WWE employees and hush money payments, as a result, came to light. Vince McMahon was the focus of the investigation with former Head of Talent Relations John Laurinaitis also implicated.
As a result Vince McMahon retired from the company in July with only a brief mention of him made by his daughter Stephanie McMahon afterwards. Laurinaitis was ultimaltely released from his role.
Speaking during WWE’s 3rd quarter earnings call, company President Frank A. Riddick III, confirmed that the investigation into McMahon and Laurinaitis is over and the company has incurred costs of $18 million as a result:
“As we previously disclosed a special committee consisting of the independent members of the Board of Driectors was formed to conduct an investigation into alleged misconduct by Vince McMahon who has resigned and another executive who has left the company. The special committee investigation is now complete and the special committee has been disbanded. Management is working with the Board to implement the recommendations of the committee relating to the investigation.”
“Our third quarter results include an $18 million expense associated with the costs the company has incurred related to the investigation which has been excluded from Adjusted OIDBA. Going forward we expect to incur additional costs related to the investigation. As we previously disclosed Mr McMahon has agreed to pay the reasonable costs of the investigation not covered by insurance.”
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