Vince McMahon Reimburses WWE for Costs Tied to Sexual-Misconduct Probe
World Wrestling Entertainment Inc.’s
executive chairman, has repaid the company $17.4 million to cover costs related to a sexual-misconduct probe.
Mr. McMahon made the payment Thursday, the company disclosed in a securities filing late Friday, to reimburse the company for investigation-related costs assumed by the company through Jan. 31. He also has agreed to pay back any potential additional costs associated with the probe.
A special committee of WWE’s board of directors conducted the investigation, which included revising the company’s financial statements for 2019, 2020 and 2021, and the first quarter of 2022, it said.
Mr. McMahon abruptly departed from WWE in July 2022 following disclosures by The Wall Street Journal of multiple payouts to women who had alleged sexual misconduct and infidelity. The Journal reported that he had agreed to pay more than $12 million in secret settlements since 2006 to his accusers.
WWE’s board ultimately found that the payments, though made by Mr. McMahon personally, should have been booked as WWE expenses because they benefited the company.
Mr. McMahon, who has majority voting power through his ownership of WWE’s Class-B stock, returned to WWE in January as executive chairman. At the time, the company said it was also pursuing strategic alternatives for the business.
Write to Sabela Ojea at [email protected]
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