WWE hints at different probes into Vince McMahon misconduct, discloses $14.6 million in funds

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LAS VEGAS, NEVADA – JULY 02: Vince McMahon, Stephanie McMahon and Triple H attend the UFC 276 occasion at T-Cell Area on July 02, 2022 in Las Vegas, Nevada.

Jeff Bottari | Ufc | Getty Photographs

World Wrestling Entertainment on Monday disclosed $14.6 million in beforehand unrecorded bills paid personally by prime shareholder Vince McMahon, who announced his retirement Friday as he’s being investigated for claims of sexual misconduct.

WWE additionally hinted that the misconduct allegations, already the topic of an ongoing impartial assessment overseen by the corporate’s board, are underneath investigation by different entities.

“The Firm has additionally obtained, and should obtain sooner or later, regulatory, investigative and enforcement inquiries, subpoenas or calls for arising from, associated to, or in reference to these issues,” WWE said in an SEC filing Monday morning.

The payout is $2.6 million greater than the sum reported by The Wall Avenue Journal earlier this month. McMahon allegedly paid that cash to girls from 2006 by way of this yr to make sure their silence over alleged affairs and misconduct.

The corporate stated it expects to conclude that its “inside management over monetary reporting was not efficient because of a number of materials weaknesses.” WWE stated it might replicate the unrecorded bills in up to date experiences for 2019, 2020 and 2021, in addition to this yr’s first quarter, when it experiences second quarter earnings. The corporate was set to report Aug. 9, however the revisions may delay that, WWE stated.

McMahon, 76, is the corporate’s largest shareholder, with an roughly 32% stake. WWE inventory rose about 7% Monday morning. It’s up greater than 30% this yr, even because the S&P 500 is down about 15% thus far in 2022.

The disclosure accompanied management adjustments. Stephanie McMahon, who’s Vince McMahon’s daughter, will act as chairwoman and co-CEO. Nick Khan, the corporate’s president, will even work as co-CEO.

Vince McMahon’s son-in-law, Paul Levesque, aka “Triple-H,” will take over the corporate’s inventive management, which the elder McMahon held onto after he stepped apart earlier this month. It marks a return from a hiatus for Levesque after a “cardiac occasion” reported by Sports Illustrated. It additionally expands his function from the chief vice chairman of expertise relations. Levesque is married to Stephanie McMahon.

Vince McMahon stays the bulk shareholder of the corporate with about 32% of the inventory in his possession, maintaining a good maintain on the corporate.

The WWE included optimistic preliminary second-quarter earnings estimates alongside width the disclosures about McMahon, reporting $69.8 million in working revenue throughout the second quarter, up from $46.3 million in the identical interval final yr.

– CNBC’s Alex Sherman contributed to this report.

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