At 4:05pm ET on Friday, July 22, Vince McMahon officially announced his retirement from WWE, and naturally people had many, many questions about how it came about, why it happened the way it did, what it means going forward, and pretty much anythying else you can think of.
We got many of those answers in the hours that followed, but it was a bit of an information overload and some people may have missed certain things or not understood certain things, so we’re gonna try and break it all down.
Here’s EVERYTHING you need to know about Vince McMahon retiring from WWE.
Is It Real?
Yes.
You can see why some people were skeptical at first since it was just based off a tweet from Vince – maybe he’d been hacked, maybe it was a work, whatever.
But WWE would not have made the announcement in a press release on its corporate website if it wasn’t real.
It would have too much of an effect on stock price and relationships with investors for that to be the case.
Well, Why Did He Retire?
If you somehow weren’t aware, the WWE board has been investigating Vince McMahon after a number of allegations came out against him.
At first, it was only one allegation that McMahon had paid a former WWE paralegal $3 million to cover up an affair they’d had in the past couple of years, and some people like Chris Jericho pointed out that while this was morally wrong, it wasn’t exactly illegal.
It’s obviously a red flag though, and the investigation led to more discoveries and more stories getting out, which not only involved backstage staff but also on-screen WWE talent, and there were now allegations of coercion as well.
Vince wasn’t going to leave WWE unless he was forced out, and he’s been forced out by this ongoing situation, and decided now was the time to leave for the good of the company. It’s very likely that more stories are on their way.
You can find the full details about the currently known allegations and investigations at this link.
UPDATE: On July 25, 2022, WWE announced the following:
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. While the Company continues to evaluate the impact on previously reported financial statements, the Company has preliminarily determined that, while the amount of Unrecorded Expenses was not material in any individual period in which the Unrecorded Expenses arose, the aggregate amount of Unrecorded Expenses would be material if recorded entirely in the second quarter of 2022. Accordingly, the Company currently anticipates that it will revise its previously issued financial statements to record the Unrecorded Expenses in the applicable periods for the years ended December 31, 2019, 2020 and 2021, as well as the first quarter of 2022, when it issues its financial statements for the second quarter of 2022. The Company is working with the goal of issuing such financial statements by August 9, 2022, but there is no assurance that it will be able to meet this deadline. In light of the Unrecorded Expenses and related facts, the Company expects to conclude that its internal control over financial reporting was not effective as a result of one or more material weaknesses. The Company continues to evaluate the appropriate accounting treatment for the Unrecorded Expenses, as well as its internal control over financial reporting, and its ultimate conclusions on these topics may differ from what the Company currently anticipates.
As previously announced, a special committee of independent members of the Board is conducting an investigation into alleged misconduct by Vince McMahon, which investigation remains ongoing.
The Company has also 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.
UPDATE: Later on July 25, 2022, the Wall Street Journal reported the following:
New federal investigations into the deepening hush-money scandal enveloping World Wrestling Entertainment Inc. hastened the retirement of its chief executive, Vince McMahon, according to people familiar with the matter.
The Securities and Exchange Commission and federal prosecutors have launched inquiries into payments made by Mr. McMahon to settle allegations of sexual misconduct, the people said. The media company said Monday that it has received “regulatory, investigative and enforcement inquiries, subpoenas or demands” in connection with millions of dollars in hush-money pacts.
When Was The Decision Made?
It’s been reported by various sources that Vince’s decision to retire was actually made privately just over a week before the announcement was made.
Why Was It Announced At That Specific Time?
Regular trading hours for the US stock market are 9:30am to 4pm ET.
The announcement specifically took place five minutes after the trading day had closed at 4:05pm so any immediate negative reaction on stock price would be somewhat blunted.
What Did Vince’s Statement Say?
Here’s the official statement from WWE and Vince McMahon announcing his retirement:
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
Who’s Replacing Him?
As noted in his statement, with Vince McMahon out as WWE CEO, his replacements were named as his daughter Stephanie McMahon, and WWE President Nick Khan, who are now co-CEOs.
This came soon after Stephanie was removed from her role as WWE’s Chief Brand Officer a few months ago and the company tried to plant stories to bury her on her way out to imply she hadn’t done a good job, which was an effort to protect stock price.
Co-CEOs in companies can be troublesome because the two people might have disagreements and ultimately they’ve both got equal say, so we’ll have to see if any of those issues arise.
It’s believed Stephanie will be in charge of the wrestling side of things, while Khan will be in charge of the business side.
UPDATE: WWE announced on July 25 that Stephanie’s husband Paul Levesque, aka Triple H, will be the top man leading WWE creative.
Is Vince ACTUALLY Gone?
Not yet, really. There are still a number of things that suggest he’ll have at least a little bit of influence for a while.
It was reported by Fightful Select that Bruce Prichard was actually “taking some direction” from Vince at SmackDown on the night of the announcement while the transition takes place and people get used to not having Vince actually there.
On top of that, Vince is still the majority shareholder, so his opinion is still going to have to be considered when making decisions.
Vince is not 100% gone from WWE just yet.
UPDATE: It was confirmed on July 25, 2022 that Vince McMahon is no longer on the WWE Board of Directors.
What Did Vince Tell Talent?
Here’s the ‘memo’ that was sent to WWE talent and people within the company upon his retirement announcement:
To all WWE Superstars: as I approach 77 years old (OMG am I really that old?), I feel it’s time for me to retire. I’ve thoroughly enjoyed my passion, wisdom, and love of the business with you. No longer will you see the smiling, docile, level-headed, calm presence at Gorilla every week.
Your dedication to WWE will ensure that our company will continue to grow and prosper. Our organization is nothing without you. You are WWE’s only natural resource, chosen to perform in front of a global audience.
You are all WWE Global Ambassadors. Carry the WWE flag wherever you go. Wave it high and proud. And bust your ass to be all you can be as a persn and as a performer.
One other thing — I won’t be with you, but I’ll be watching. Remember to keep your hands up, grab hold, and sell. Btw, SmackDown airs live tonight at 8pm Eastern/7pm Central on FOX.
Vince
The reason for the SmackDown plug at the end is more than likely there because he knew the message would get leaked so it meant anyone who read it on websites covering the story would see it.
There was also a meeting at 5pm…
What Happened In The Meeting?
The 5pm meeting was originally believed to be an “all hands on deck” situation, but that turned out to not be the case.
It was simply a Zoom meeting that some talent didn’t even have to attend consisting of a “short rah rah” speech, Vince McMahon being described as “irreplaceable”, and it being said that Stephanie and Khan would plot the future of the company going forward.
How Did Talent React To The News?
Numerous WWE stars, past and present, have taken to social media to thank Vince for the opportunities he’s given them and what he’s done for the business.
Having said that, when it comes to the actual repercussions of his announcement, talent have anonymously said things like –
- They don’t think he’ll be able to stay away
- It shouldn’t have taken the whole allegation situation to lead to changes being made
It’s believed Stephanie McMahon, Nick Khan, and Paul Levesque are all generally well-liked by talent, so the reaction to them being inserted as Vince’s replacements has gone down well.
Who Ran Things At SmackDown?
According to Dave Meltzer of the Wrestling Observer, Paul Levesque, aka Triple H, was the main man running things backstage at SmackDown on the night of the announcement.
Levesque had just been reinstated as WWE’s Executive Vice President of Talent Relations earlier in the day.
As noted earlier, WWE announced on July 25 that Levesque will be leading WWE creative.
Also playing big roles on creative that night were Bruce Prichard and Ed Koskey, who were reporting to Levesque.
UPDATE: It has been clarified that Prichard will remain with WWE on its creative team, despite Levesque being the man in charge, not Prichard, who many had expected.
What Actually Happened On SmackDown?
Not much, really.
Stephanie McMahon opened the show, thanked Vince, led the fans in chanting ‘Thank You Vince’, and it was kind of a normal show other than that.
There were a couple of little things – Xavier Woods mentioned ROH and NJPW, and commentary seemed just a little bit more relaxed than usual, but in general, it was a regular SmackDown really.
There was ONE major thing that went down a bit differently though…
What Happened With Brock Lesnar?
Speaking of creative, SmackDown had to be rewritten just hours before it began.
Brock Lesnar was set to be a very big part of SmackDown, but he actually got “pissed off” and left after the Vince announcement was made.
With uncertainty as to whether he’d return, the show had to be rewritten to no longer be centered around him.
However, the last segment of the show was left in a way that, if he did return, he could get involved, and that’s exactly what happened, as Lesnar attacked Mr Money in the Bank Theory, who has been threatening to cash-in at SummerSlam.
Reportedly at around 8:30pm (30 minutes into the show), Lesnar returned and things had calmed down.
But What If Lesnar Didn’t Return?
There would obviously have been huge implications if things hadn’t been settled, since Lesnar had been set for the main event of SummerSlam against Roman Reigns.
According to Cultaholic, WWE would make offers to Goldberg to see if he could potentially return to fill in against Reigns.
It was recently revealed that, although he’s fufilled his obligated number of matches, Goldberg is still actually under contract with WWE, and he’s pretty much just waiting to see when they’ll call him for a return.
Goldberg lost to Reigns at Elimination Chamber in Saudi Arabia this past February, and he’s said he isn’t happy with that being his final match.
Thankfully, it seems like Lesnar’s back on board and the SummerSlam main event will go ahead as planned.
Remember Lesnar himself is only a backup option for Randy Orton who was ruled out of his planned SummerSlam match with Reigns due to injury.
Who’s Next?
I promise that wasn’t intended as a Goldberg pun but we’ll go with it.
With Vince gone, it’s believed there will be more major changes to the backstage lineup within WWE.
It already seems like John Laurinaitis – who is also caught up in the allegation situation – is done with Levesque now being in charge of talent relations again.
However, people backstage, and just people in the know, are of the belief that Kevin Dunn could be the next to go.
Kevin Dunn is a Vince McMahon guy, and Kevin Dunn has had a job in WWE because his dad saved some tapes from a burning wreckage and Vince was very grateful.
If the new regime wants to change things up when it comes to the visual presentation of the product, or if Dunn just decides he doesn’t want to work for them, it seems fairly likely he’ll be out of the door soon enough.
How Have People In AEW Reacted?
About 20 minutes after the announcement was made, AEW President and CEO Tony Khan tweeted:
Thanks to you wrestling fans and your great support of @AEW, I’m grateful to now be the longest-tenured CEO in pro wrestling. Thank you very much to every single person who watches @AEWonTV! See you for Friday Night #AEWRampage on @TNTdrama @ 10pm ET/9pm CT/10pm PT *TONIGHT*
When it comes to AEW wrestlers, it was mentioned by Wade Keller that there are people who are now hopeful that WWE might now show interest in signing them whereas Vince wouldn’t have.
Any Update On Sasha Banks & Naomi?
Also according to Keller, there are some people in WWE who now believe Sasha and Naomi may be more willing to return with Vince not in charge.
However, it kind of all depends on what their official situations are, and quite frankly, we don’t really know right now.
There have been a lot of signs that have pointed to them already officially being released from their contracts, so it might not be as easy as them simply saying “oh cool, we’ll come back now”.
Ultimately, we’ll have to wait and see.
What About Shane McMahon?
It’s well-documented that Vince and Shane had a falling out at the 2022 Royal Rumble, with many, many people complaining about Shane’s attitude in trying to help put together the men’s Rumble match – focusing on himself more than anything else.
This made its way to Vince, who kicked Shane out of WWE and out of plans for a match at WrestleMania 38.
With Vince no longer in charge, could Shane make a comeback?
Apparently not, as it’s believed Shane and Stephanie aren’t on good terms either, and unless that changes, he likely won’t be brought back into the fold.
What’s Next?
As previously alluded to, more changes are expected, but we’ll just have to wait and see when it comes to what they are and how quickly they happen.
Some of Vince’s quirks may be eased out – such as not being allowed to say “belt”. The things that were quite clearly Vince-isms and almost every other human on the planet can see that they’re a bit weird.
But, it’s believed if any major changes are to be made, it’ll be a gradual process.
Those now in charge of the company want everything to stay pretty secure right now so as not to ruffle investors’ feathers, so any changes will likely take a little while to come into effect.
Of course stay, tuned to WrestleTalk.com as we’ll be covering all further updates as they emerge.
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