Vince McMahon Returns Over $17 Million To WWE

Vince McMahon has handed over quite a chunk of change to WWE.

As part of WWE’s second quarter financial results for 2023, the company has revealed the costs incurred so far during the year following the investigation into Vince McMahon and that McMahon has repaid $17.4 million to the company as a result of the total costs incurred.

The report stated:

“During the three and six months ended June 30, 2023, the Company incurred $5.3 million and $7.1 million, respectively, of expenses related to costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors, related revisions to the Company’s financial statements and other related matters.

“Mr. McMahon has agreed to review in good faith and reimburse the Company for all reasonable costs incurred in connection with and/or arising from the investigation conducted by the Special Committee, related revisions to the Company’s financial statements and other related matters. To date, Mr. McMahon has paid approximately $17.4 million to reimburse the Company for costs that have been incurred and paid by the Company.

“Please see the Company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q for further details and ongoing risks regarding this matter.”

Why did Vince McMahon owe WWE money?

WWE’s Board of Directors formed a Special Committee in 2022 to launch an investigation into Vince McMahon following allegations of sexual misconduct and payments made to former employees of the company over the years.

The investigation began when a friend of a former company employee alleged to have had an affair with McMahon sent their allegations to the Board directly.

Vince McMahon stepped aside from his role as Chairman and CEO before announcing his retirement completely in July 2022. McMahon then forced his way back onto the Board of Directors in early 2023 once the investigation was complete and the Special Committee had disbanded.

WWE had already confirmed that McMahon had agreed to repay the company for reasonable costs incurred during the investigation. Vince McMahon is also believed to have paid millions to settle a claim made by former WWE referee Rita Chatterton who alleges McMahon raped her in the mid-eighties.