The Wall Street Journal did what the US Government couldn’t do, and that was bring down Vince McMahon. This is because after they revealed he’d paid hush money to four female employees, he opted to retire, going out on his own terms rather than lose his CEO and Chairman position for the company he made a global brand. However, despite McMahon’s departure, things aren’t yet resolved because there is still an ongoing investigation into his wrongdoings.
Additionally, WWE has now confirmed that they will be revising their financial statements for 2019, 2020, 2021, and the first quarter of 2022 due to “unrecorded expenses” of $14.6 million. Seemingly indicating that McMahon used WWE funds to pay for the women’s silence. Yet, it is noted he will be paying the money back, which should ensure this doesn’t become a more significant issue.
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.
otp.tools.investis.comMcMahon will likely go down as the most influential person in pro wrestling history, and it’s amazing to see how quickly his life has unraveled following just two mainstream articles. Nevertheless, while McMahon is gone from the company, the WWE appears to still have a bright future with Stephanie McMahon and Nick Khan confirmed as co-CEOs. And despite all the controversy and scandal, the company’s stock price has actually risen almost 20% over the past month.
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