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Entertainment WWE Says Former CEO Vince McMahon Made Personal Payments of Nearly $20 Million Amid Misconduct Investigation

11:01  10 august  2022
11:01  10 august  2022 Source:   etonline.com

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  WWE Says Former CEO Vince McMahon Made Personal Payments of Nearly $20 Million Amid Misconduct Investigation © Bryan Bedder/Getty Images

World Wrestling Entertainment revealed on Tuesday that an independent investigation into financial records found an additional $5 million in undisclosed personal payments made by former CEO Vince McMahon -- bringing the total of unrecorded payments up to $19.6 million.

WWE revealed in a statement to the SEC on Tuesday that, on June 17, a special committee was "conducting an investigation into alleged misconduct" of McMahon -- who then resigned as CEO on July 22, amid the investigation.

"On July 25, 2022, the Company announced that it 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 totaling $14.6 million) were not appropriately recorded as expenses in the Company’s consolidated financial statements," the SEC filing document stated. "Since that time, the Company has determined that two additional payments totaling $5.0 million, unrelated to the allegations that led to the Special Committee investigation, that Mr. McMahon made in 2007 and 2009 should have been recorded in the Company’s consolidated financial statements."

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WWE explained that, while the "unrecorded expenses" in question were "not material in any individual period," they plan on revising their previous financial statements for the past several years.

The company also said that they have found their "disclosure controls and procedures and internal control over financial reporting were not effective as a result of one or more material weaknesses"

WWE's filing also stated that they have "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."

McMahon -- who remains a stockholder with a controlling interest in WWE despite stepping down as CEO last month -- was first investigated for allegedly paying $3 million in hush money to a former employee with whom he allegedly had an affair.

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The investigation was sparked by a Wall Street Journal expose that claimed McMahon may have made additional payments and arrangements with other women in the past. The WWE's special committee investigation has not released information on what McMahon allegedly spent the $19.6 million in undisclosed personal payments on, or if it is related to the alleged hush money payments.

In the wake of his resignation, his daughter, Stephanie McMahon, stepped into into the role as interim CEO and chairman for the duration of the investigation.

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