Vince McMahon paid $17.4M for WWE misconduct investigation expenses
McMahon also agreed to reimburse the company for any additional costs that may arise.
Vince McMahon, the executive chairman of WWE, has reimbursed his business $17.4 million for expenses related to the WWE board’s inquiry into alleged hush money payments made by McMahon while he was CEO.
According to a securities filing published on Friday, Vince McMahon made the payment of $17.4 million on Thursday, March 23, to cover WWE’s costs related to a misconduct investigation.
Additionally, McMahon consented to pay the business any further expenses related to the investigation after January 31.
The document further states that “the Agreement contains a release of the Company by Mr. McMahon with respect to the recovery of the costs stated above and a release of the Company by Mr. McMahon with respect to the investigation and associated topics described above.”
In order to cover the costs of the WWE board’s inquiry into alleged hush money payments made by McMahon when he was CEO, Vince McMahon, executive chairman of WWE, has paid his firm $17.4 million.
McMahon paid the payment on March 23rd, per a securities filing made on Friday afternoon. Additionally, McMahon promised to pay the business’s expenses for any further investigation-related expenses incurred after January 31.
The document continues, “The Agreement also provides for the release of Mr. McMahon by the Company with respect to the recovery of the expenditures stated above and the release of the Company with respect to the investigation and associated matters described above.
Even while the board’s inquiry may be over, the consequences are yet unknown. When McMahon initially notified the board in December that he intended to return to the company, the board’s response was to recommend that he remain retired.
The board stated that his return to the company “while government investigations into your actions by the U.S. Attorney’s Office and SEC are still underway would not be prudent from a shareholder value viewpoint,” according to copies of the letters that were accessed by The Hollywood Reporter.
“This determination is based on a variety of factors, including non-public information the Board has become aware of and the risks to the Company and its shareholders of placing a greater spotlight on these issues,” the letter adds.