Michael Perry on July 25, 2022
WWE chairman and CEO Vince McMahon announced his retirement on Friday, bringing an end to lengthy and controversial career as the top pro wrestling promoter in the world. McMahon is under investigation by the WWE board of directors for hush money payments given to women to keep them quiet about extramarital affairs with the boss. The board is not the only body looking into the matter.
In a recent filing with the SEC, it was revealed that outside agents have inquired about payments made by Vince McMahon. The filing did not go into specifics. It does sound like the company has been looked at by at least one and possibly multiple regulatory, investigative, and enforcement agencies.
“As previously announced, a special committee of independent members of the Board is conducting an investigation into alleged misconduct by Vince McMahon, which investigation remains ongoing.
The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”
WWE also revised several years of financial statements in regards to the matter. A sum of $14.6 million has been added to statements dating back to 2019. McMahon made the payments out of personal funds, but since they affected WWE, they should have been recorded as expenses. Those corrections are being made.
There could be more heating coming for Vince McMahon. WWE admits that it may receive further inquiries in the future. While they are likely to cooperate and do the right thing due to being a publicly-traded company, Vince McMahon may not be out of the woods just yet.
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July 25, 2022 1:06 pm
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