A new Wall Street Journal article reports that WWE investigations “hastened” Vince McMahon’s decision to retire.
On July 22, Vince McMahon announced that he was officially retiring from his roles as CEO, Chairman and head of creative for WWE at the age of 77.
This followed the WWE Board of Directors investigating sexual misconduct allegations against McMahon, which began in April.
In a new article from the Wall Street Journal, it was revealed that new federal investigations into McMahon’s hush pact allegations led to his decision to retire.
The article notes:
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.
On Monday, July 25, it was revealed that WWE made a preliminary determination that $14.6 million in payments by McMahon should have been recorded as company expenses.
For all further updates on Vince McMahon and the ongoing situation, click here.
For the last major update on the sexual misconduct allegations against Vince McMahon, click here.
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