WWE Asserts Vince Mcmahon Made Personal Payments Totaling $19.6 Million While Being Investigated for Alleged Misconduct!
According to the firm, Vince McMahon‘s off-the-books personal payments that he made while serving as chairman and CEO of WWE were significantly more than those that were previously revealed.
The wrestling entertainment company made the announcement a month ago that it will alter its financial records all the way back to 2019 in order to account for “certain payments” totaling $14.6 million that McMahon made while serving as chairman and CEO but which were not recognized as expenses.
That was three days after McMahon announced that he was retiring from WWE.
He made the announcement in the midst of an ongoing investigation into allegations that he paid hush money to multiple women in the number of millions of dollars to keep quiet about affairs and other misconduct.
McMahon announced his retirement in the midst of the investigation.
In a filing with the SEC on Tuesday, WWE disclosed that since the announcement made on July 25, it had discovered that McMahon made two additional payments totaling $5 million in 2007 and 2009, which should have also been recorded in the company’s consolidated financial statements.
These payments were unrelated to the allegations that led to the board’s special committee investigation. McMahon received $5 million in installments, although WWE did not elaborate on what those payments were for.
The World Wrestling Entertainment (WWE) had planned to release revised financial statements by August 9 that accounted for personal payments made by Vince McMahon.
However, the company stated that this goal was no longer feasible in light of new information that revealed McMahon paid an additional $5 million.
WWE has stated that the inquiry into McMahon’s alleged inappropriate behavior by the board’s special committee is still active.
The previous month, the company came clean about the fact that it had been served with “regulatory, investigative and enforcement inquiries, subpoenas [and] requests” in relation to the alleged inappropriate behavior of the former CEO.
McMahon continues to be a stockholder in WWE and has a controlling position in the company. WWE has appointed Stephanie McMahon and Nick Khan to the position of co-CEO in the wake of Triple H’s retirement.
Khan will continue to serve as a member of the board of directors despite the fact that Stephanie McMahon, who is Vince’s daughter, has been chosen chairwoman of the board.
What is Vince Mcmahon’s Income and Net Worth?
The American professional wrestling promoter, pundit, film producer, and occasional wrestler Vince McMahon has a net worth of $1.8 billion.
He is also a part-time participant in the sport. Vince became the CEO of World Wrestling Entertainment, more often referred to as WWE, where he amassed both his riches and his renown.
Vince McMahon has stated that he will leave his position as chairman of WWE on July 22, 2022, following an ongoing issue involving sexual harassment.