WWE To Reissue Financial Reports After “Unrecorded” Vince McMahon Expenses Come To Light
It has been reported that WWE will restate a number of recent financial reports after “unrecorded” expenses made by Vince McMahon emerged.
The now former WWE Chairman was already under investigation regarding multiple instances of alleged serious misconduct, but now even more claims have come to light.
WWE have 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.
It is unclear as to whether these payments are related to the alleged $12 million dollars McMahon paid in “hush money” to multiple women highlighted by the Wall Street Journal.
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.”
The 8-K notably refers to Vince McMahon’s departure from WWE as a “resignation”. Press releases including today's have referred to exit as a retirement. https://t.co/fQZu7l0eyb
— Brandon Thurston (@BrandonThurston) July 25, 2022
In an earlier press release on July 25th, WWE detailed their preliminary financial earnings for Q2 of 2022. The release revealed that expected revenue is up over 20% since this quarter last year, sitting at an estimated $328 million.
The statement also confirmed that Triple H will be taking over as the company’s head of creative.
In reaction to the news, Dave Meltzer of the Wrestling Observer reported that it would be “almost impossible” for Vince McMahon to return to the top of the company.