Vince McMahon Pays Back Millions To WWE
WWE’s Executive Chairman Vince McMahon is $17.4 million poorer after it came to light that this is the amount he has repaid to WWE following allegations of sexual misconduct and hush money payments.
Allegations surfaced in the summer of 2022 that McMahon was under investigation by WWE’s own Board over claims he’d paid out several huge sums of money to former female employees of the company over the years after they accused him of sexual misconduct.
This led to McMahon announcing his retirement in July of that year before sensationally forcing his way back onto the WWE Board of Directors in the first week of 2023.
WWE has now issued a filing to the United States Securities and Exchange Commission which confirms that Vince McMahon has reimbursed the company for costs relating to the investigation into him:
“On March 20, 2023, World Wrestling Entertainment, Inc. (the “Company”) entered into a reimbursement agreement (the “Agreement”) with Vincent K. McMahon, the Company’s Executive Chairman, director and controlling stockholder.
The Agreement provides that Mr. McMahon will pay the Company approximately $17.4 million to reimburse the Company for the costs that have been incurred and paid by the Company and/or its subsidiaries, through January 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the Company’s board of directors, related revisions to the Company’s financial statements and other related matters. Such payment was made on March 23, 2023.
The Agreement further provides that Mr. McMahon will also review in good faith and reimburse the Company for additional costs incurred by the Company and/or its subsidiaries subsequent to January 31, 2023 (or that have been incurred by the Company and/or its subsidiaries and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters.
The Agreement also includes a release of Mr. McMahon by the Company regarding the recovery of the costs described above and a release of the Company by Mr. McMahon regarding the investigation and related matters described above.”
Following his return to the company as Executive Chairman it also came to light that Vince McMahon had paid over $11 million to former WWE referee Rita Chatterton who has long accused McMahon of raping her in 1986.