Vince McMahon Hush Money Investigation Is Costing WWE $10 Million

Vince McMahon was the undisputed leader of WWE fore nearly four decades. McMahon bought the promotion from his father and took it to greater heights. He made headlines in June after he secretly paid $3 million as a settlement to a departing employee.

WWE recently disclosed the amount they anticipate the “substantially complete” investigation into Vince McMahon to cost. The data was recently made public in a filing with the SEC. They discussed the recent investigation in the filing stating that it’s going to cost them around $10 million.

As previously announced, a Special Committee of independent members of the Company’s Board of Directors (the “Special Committee”) was formed to investigate alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. McMahon. Mr. McMahon resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest. The Company has 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. The Special Committee investigation is substantially complete. In addition to the foregoing, from time to time we become a party to other lawsuits and claims. By its nature, the outcome of litigation is not known, but the Company does not currently expect this ordinary course litigation to have a material adverse effect on our financial condition, results of operations or liquidity.

McMahon paid millions out of his pocket to former WWE employees whom he had extramarital relations with. The sum was reflected in WWE’s revised financial statements. WWE saw its stock price take off after news of Vince McMahon’s retirement from the company.

WWE is known to erase those from the company who could potentially harm their reputation. It will be interesting to keep an eye on WWE’s continued performance. Keep reading Thirsty for more.

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