Former World Wrestling Leisure CEO Vince McMahon left the corporate with a fortune of $3.4 billion after he retired last week amid a sexual harassment scandal that concerned tens of millions of {dollars} in hush cash funds, in keeping with reviews.
Along with retiring as a multi-billionaire, McMahon nonetheless holds voting management within the wrestling leisure firm, Bloomberg reported. McMahon additionally stays WWE’s largest shareholder with a 32% stake within the firm.
The WWE revealed on Monday that McMahon paid $14.6 million in hush cash to a number of girls who alleged sexual misconduct between the years 2006 and 2022.
In an SEC submitting, the corporate mentioned that the multi-million greenback funds had been categorised as “unrecorded bills” and mentioned it plans to restate its funds to replicate the expenditures.
The entire funds had been both paid or will probably be paid by McMahon, the WWE mentioned within the submitting.
McMahon, 76, introduced his retirement days earlier on July 22. McMahon’s daughter, Stephanie McMahon, will probably be chairwoman and co-CEO with Nick Khan, who joined WWE as president from CAA in 2020.
She had stepped in as interim CEO when the board started its investigation into the allegations, which it’s nonetheless investigating. Her husband Paul Levesque, former WWE wrestler, Triple H, additionally sits on the board.
“Our international viewers can take consolation in realizing WWE will proceed to entertain you with the identical fervor, dedication, and fervour as at all times,” McMahon mentioned in an announcement. “I’m extraordinarily assured within the continued success of WWE, and I go away our firm within the succesful arms of a unprecedented group of Superstars, staff, and executives …”
“As the bulk shareholder, I’ll proceed to help WWE in any means I can. My private due to our group and enterprise companions, shareholders, and Board of Administrators for his or her steerage and help by means of the years. Then. Now. Endlessly. Collectively.”
The Wall Street Journal first reported the investigation started after the WWE was tipped off that the CEO had paid a former worker $3 million to maintain quiet about their affair. In accordance with an electronic mail obtained by the outlet, McMahon employed the girl as a paralegal to a $100,000 wage, and doubled it after the affair started.
The report mentioned McMahon paid as a lot as $12 million to 4 girls over a minimum of 16 years. One of many accusers is a former wrestler who claimed in 2018 that years earlier McMahon had coerced her into oral intercourse earlier than he demoted her when she ended the connection.
McMahon’s retirement has led to some hypothesis that the WWE could also be up on the market, Bloomberg reported, however the way forward for the corporate and McMahon’s future involvement is unsure.
