Vince McMahon Exit Linked To “Federal Investigation”
A new report has claimed that Vince McMahon’s recent retirement was “hastened” by a federal investigation.
On July 22nd 2022, Vince McMahon announced that he was retiring from his role as WWE CEO and Chairman, ending his more than four-decade long run at the helm.
In his place, Stephanie McMahon was announced as Chairwoman and co-CEO alongside Nick Khan. Furthermore, Paul Levesque aka Triple H will serve as head of creative and Head of Talent Relations.
McMahon’s departure came as the billionaire remains under investigation regarding allegations that he paid a former employee $3 million in “hush money” after the pair had an affair. More allegations have since been made public, including claims that McMahon paid four women more than $12 million across 16 years as part of similar agreements.
To add to the chaos, on July 25th WWE disclosed via a SEC filing that they have made a “preliminary determination” regarding payments made between 2006 and 2022 that should have been recorded as business expenses. The payments were for a total of $14.6 million.
As a result, WWE will reissue financial statements for 2019, 2020, and 2021, as well as Q1 of 2022. The company will aim to publicly revise these statements by August 9th. However, they note that “there is no assurance that it will be able to meet this deadline.”
In addition, it has now been reported by the Wall Street Journal that McMahon’s retirement was “hastened” by federal investigation into the “hush money scandal.”
The Securities and Exchange Commission and federal prosecutors have launched enquiries into payments made by McMahon to settle allegations of sexual misconduct.