Everything You Need To Know About Vince McMahon Retiring From WWE

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.

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