The fallout continues from the retirement of Vince McMahon.
WWE announced in an 8-K Filing on July 25, which details their Preliminary Financial Results for the Second Quarter of 2022, that approximately $14.6 million in payments were made by Vince McMahon. The payments date back to 2006 and were not reported as company expenses. The statement reveals that McMahon will personally pay back all monies.
Below is an excerpt of the report:
“The Company has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made (the “Unrecorded Expenses”). As of the date hereof, the Company has identified Unrecorded Expenses totaling approximately $14.6 million. All payments underlying the Unrecorded Expenses were or will be paid by Vince McMahon personally.”
WWE will be restating several financial statements. The statements for 2019, 2020, 2021, and the First Quarter of 2022 are going to be revised.
On Friday, July 22, Vince McMahon announced his retirement from WWE. In June 2022, he voluntarily stepped down from his position as WWE Chairman and CEO as the WWE Board investigated him over hush money payments and sexual misconduct.
The Wall Street Journal had previously detailed a number of non-disclosure agreements made with various women through the years. One of the more shocking was a $7.5 million payment to a former talent.
Earlier today, it was announced by WWE that Paul “Triple H” Levesque would be replacing McMahon as the Head of WWE Creative, while also retaining his other role as Senior Vice President of Talent Relations. Stephanie McMahon is now the Chairwoman and Co-CEO of WWE. Nick Khan was installed as the other Co-CEO.