Vince McMahon, World Wrestling Entertainment executive chairman.
Vince McMahon has made a significant payment this week towards the Board of Directors’ Special Committee investigation into misconduct allegations against McMahon and former Head of Talent Relations John Laurinaitis.
According to an SEC filing by WWE on Friday, Executive Chairman Vincent McMahon paid WWE approximately $17.4 million on March 23 in accordance with a deal negotiated with the company.
McMahon, credited with transforming WWE from a regional player to a global giant, retired as CEO and chairman of the company in July last year. He returned to the board in January, after the probe was wrapped up.
The Wall Street Journal reported that he was being investigated by the board for agreements to pay $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
A special committee of WWE’s board of directors conducted the investigation, which included revising the company’s financial statements for 2019, 2020 and 2021, and the first quarter of 2022, it said.
WWE said in January that it would explore strategic alternatives. McMahon said he would involve himself in the company’s media rights acquisition process as it looks to capitalise on the growing demand for content and live entertainment.
(With inputs from agencies)
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