Vince McMahon retired on Friday as chairman and CEO of World Wrestling Leisure.
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World Wrestling Leisure mentioned that its former CEO, Vince McMahon, has paid out $14.6 million in hush cash to a number of ladies who've alleged sexual misconduct between the years 2006 and 2022.
In an SEC submitting, the corporate mentioned that the $14.6 million was categorized as “unrecorded bills” and that it's going to revise earlier monetary statements to mirror the expenditures.
McMahon on Friday retired as chairman and CEO of WWE, efficient instantly.
The $14.6 million sum is $2.6 million greater than was beforehand reported by The Wall Road Journal, which first revealed the existence of the hush cash funds.
In June, The Wall Road Journal first reported that WWE’s board was investigating McMahon after they obtained an nameless tip through e mail that he had paid a $3 million hush cash settlement to a former worker with whom he had an affair.
The e-mail mentioned that he had employed the lady as a paralegal to a $100,000 wage, and doubled it after the affair started. Then, the e-mail mentioned, McMahon “gave her like a toy” to longtime WWE government John Laurinaitis.
The Wall Road Journal later reported that it had been found that McMahon had paid a complete of $12 million, over the course of not less than 16 years, to 4 totally different ladies with whom he had sexual relationships.
One of many ladies, a former wrestler, had alleged in 2018 that years again McMahon had coerced her into oral intercourse. McMahon had been accused of demoting the wrestler when she ended the connection, and never renewing her contract when it got here up.
“All funds underlying the Unrecorded Bills have been or will probably be paid by Vince McMahon personally,” WWE mentioned within the submitting.
The corporate added that it “has additionally obtained, and should obtain sooner or later, regulatory, investigative and enforcement inquiries, subpoenas or calls for arising from, associated to, or in reference to these issues.”
WWE has launched its personal inside investigation into the matter. In its SEC submitting, it mentioned that the probe will seemingly conclude that its “inside management over monetary reporting was not efficient on account of a number of materials weaknesses.”
McMahon is WWE’s largest shareholder. He owns a 32% stake within the firm.
WWE’s inventory value rose greater than 8% on Monday to $71.81.
In a press release launched on Friday, McMahon introduced that his daughter, Stephanie McMahon, will probably be chairwoman and co-CEO. The opposite co-CEO is Nick Khan, who joined WWE as president from CAA in 2020.
“As I strategy 77 years previous, I really feel it’s time for me to retire as Chairman and CEO of WWE. All through the years, it’s been a privilege to assist WWE convey you pleasure, encourage you, thrill you, shock you, and at all times entertain you,” McMahon mentioned in a press release.
“I wish to thank my household for mightily contributing to our success, and I'd additionally wish to thank all of our previous and current Superstars and staff for his or her dedication and keenness for our model.
“Most significantly, I wish to thank our followers for permitting us into your properties each week and being your selection of leisure. I maintain the deepest appreciation and admiration for our generations of followers everywhere in the world who've preferred, presently like, and generally even love our type of Sports activities Leisure.”
Stephanie McMahon had taken over as interim CEO as her father had stepped away from the position through the board’s investigation.
Vince McMahon had remained in control of WWE’s inventive, and it's not instantly clear what's going to occur in that course.
Ryan Glasspiegel contributed reporting.
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