Advertisement

WWE discovers an additional $5 Million in Vince McMahon-related unrecorded expenses

After McMahon left the business, Stephanie McMahon and Nick Khan were chosen to serve as the new Co-CEOs, while Paul "Triple H" Levesque was chosen to serve as the Head of Creative and Head of Talent Relations.

Vince McMahon in a file photo. (Image credits: wwe.com)
By Blesson Daniel | Aug 10, 2022 | 2 Min Read follow icon Follow Us

Advertisement

The publication of WWE’s quarterly financial report will be delayed as a consequence of the discovery of an additional $5 million in unrecorded payments that are directly related to Vince McMahon, the company said in a Tuesday SEC filing. WWE had to submit for $14.6 million in unreported costs incurred by McMahon from 2006–2022 and redo previous quarterly financial reports dating back several years, just days after McMahon announced his resignation from all positions inside the company. These payments have a clear connection to the allegations that McMahon paid several former female workers to conceal allegations of sexual misconduct. The updated filing verified that the WWE Board of Directors is still aggressively looking into McMahon despite his resignation.

The new filings read as, “On July 25, 2022, the Company announced that it has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future totaling $14.6 million) were not appropriately recorded as expenses in the Company’s consolidated financial statements.”

READ MORE: Booker T disapproves of a line from Ric Flair’s “Last Match”

“Since that time, the Company has determined that two additional payments totaling $5.0 million, unrelated to the allegations that led to the Special Committee investigation, that Mr. McMahon made in 2007 and 2009 should have been recorded in the Company’s consolidated financial statements,” it continued. “Together, these unrecorded expenses total $19.6 million (the ‘Unrecorded Expenses’). The Company has evaluated the Unrecorded Expenses and has determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable. All payments underlying the Unrecorded Expenses were or will be paid by Mr. McMahon personally. The Special Committee investigation remains ongoing.”

Vince McMahon out of WWE

After McMahon left the business, Stephanie McMahon and Nick Khan were chosen to serve as the new Co-CEOs, while Paul “Triple H” Levesque was chosen to serve as the Head of Creative and Head of Talent Relations. The filing also supported earlier this week’s confirmation that John Laurinaitis had been formally let go by the business. Among the allegations against McMahon, many of which were covered by The Wall Street Journal, were that he reportedly paid $3 million to a former paralegal and $7.5 million to a former wrestler whom he allegedly forced to perform oral sex before rejecting further approaches from other men.



Advertisement