WWE will reportedly be making adjustments to their financial reports in light of further alleged unrecorded expenses made by Vince McMahon.
The former WWE boss is under investigation for alleged misconduct with former female employees, but additional “certain unrecorded expenses” have now emerged.
Just days after Vince McMahon retired from WWE, it was disclosed via an SEC filing that they’ve made “a preliminary determination” regarding payments made between 2006 and 2022 that should have been recorded as business expenses. This includes amounts both already paid and to be paid in the future.
A total of $14.6 million is the reported amount paid by and due to be paid in the future by Vince McMahon. WWE will, as a result, reissue company financial statements for 2019, 2020, and 2021, as well as Q1 of 2022. They aim to reissue these statements by Tuesday, 9 August, though “there is no assurance that it will be able to meet this deadline”.
WWE's 8-K states the company found $14.6 million in payments by Vince McMahon *that should have been recorded as company expenses*. WWE will reissue financial statements for 2019, 2020, 2021, and Q1 2022.
➡️More detail and analysis:https://t.co/fQZu7l0eyb
— Brandon Thurston (@BrandonThurston) July 25, 2022
Vince McMahon announced his retirement on Friday, just five minutes after the stock market closed for the weekend. WWE shares are, however, up by 5% to be around the $70 region.
A press release issued earlier today, which officially confirmed the new executive roles for Stephanie McMahon, Nick Khan, and Paul ‘Triple H’ Levesque, also containued WWE’s preliminary financial earnings for Q2 of 2022. The expected revenue is up over 20% since this quarter last year, sitting at an estimated $328 million.
Allegations into Vince McMahon’s reported misconduct with female employees was initially reported by the Wall Street Journal in June. A subsequent WSJ report indicated that hush money issued by McMahon sat at around $3 million.