Former World Wrestling Leisure CEO Vince McMahon left the corporate with a fortune of $3.4 billion after retiring final week amid a sexual harassment scandal involving tens of millions of {dollars} in silent funds, in response to stories.
Together 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.
WWE revealed on Monday that McMahon paid $14.6 million in silent cash to a number of ladies who alleged sexual misconduct between the years of 2006 and 2022.
In a submitting with the SEC, the corporate mentioned the multimillion-dollar funds had been labeled as “unrecorded bills” and mentioned it deliberate to restate its funds to replicate the bills.
All funds have been or shall be paid by McMahon, WWE mentioned within the submitting.
McMahon, 76, introduced his retirement days earlier on July 22. McMahon’s daughter, Stephanie McMahon, will function President and Co-CEO with Nick Khan, who joined WWE as CAA President 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 figuring out that WWE will proceed to entertain you with the identical fervor, dedication and keenness as at all times,” McMahon mentioned in an announcement. “I’m extraordinarily assured within the continued success of WWE, and I depart our firm within the succesful arms of a unprecedented group of Superstars, workers and executives…”
“As majority shareholder, I’ll proceed to help WWE in any method I can. I personally thank our group and enterprise companions, our shareholders and our Board of Administrators for his or her steering and help through the years. So. Now. At all times. Collectively.”
The Wall Road Journal first reported that the investigation started after WWE realized that the CEO had paid a former worker $3 million to stay silent about their affair. In keeping with an electronic mail obtained by the outlet, McMahon employed the lady as a paralegal for a wage of $100,000 and doubled it after the case started.
The report says McMahon paid as much as $12 million to 4 ladies over at the very least 16 years. One of many accusers is a former wrestler who claimed in 2018 that years earlier McMahon pressured her to carry out oral intercourse earlier than demoting her when she ended the connection.
McMahon’s retirement has led to hypothesis WWE could also be up on the market, Bloomberg reported, however the way forward for the corporate and McMahon’s future involvement are unsure.
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