WWE has confirmed that its investigation into former Chairman and CEO Vince McMahon over alleged misconduct is “largely complete.”
On July 25th WWE announced that it would be reissuing company financial statements for 2019, 2020, and 2021, as well as Q1 of 2022.
The move came after the company uncovered payments worth $14.6 million made by Vince McMahon which should have been declared as business expenses. McMahon had announced his retirement from WWE just days earlier, as allegations of sexual misconduct and hush money payments engulfed the now former WWE Chairman.
In an SEC filing on Tuesday, August 9th, WWE has now confirmed the discovery of two further payments totalling $5 million. The payments were made in 2007 and 2009, although WWE has not disclosed what the payments were for.
Now in a quarterly earnings call, Frank A. Riddick, WWE’s Chief Financial and Administrative Officer has confirmed that the investigation into McMahon is “largely complete.”
Riddick also added that WWE has encountered a further $1.7 million of costs associated with the investigation and that they expect that figure to increase. It was said that Vince McMahon has committed to repay that $1.7 million as well as other “reasonable costs” incurred.
A press release before the earnings call suggested that the costs for the company over the rest of the year could reach over $10 million:
“While we currently anticipate spending approximately $10 million during the remainder of the year related to this investigation, the related costs could exceed this estimate.”
Vince McMahon was replaced in his role as Chairman by his daughter Stephanie McMahon, and she is the company’s co-CEO alongside WWE President, Nick Khan. Triple H has assumed the role as the head of both creative and talent in the company.