Troubles around Vince McMahon continue to grow as time progresses. WWE announced in a press release their SEC filing that discovery of an additional $5 million in unrecorded payments was made. This one is being linked directly to the former Chairman and CEO of the WWE Board of Directors.
WWE previously announced that they had to file for $14.6 million in unrecorded expenses made by Vince McMahon from 2006-2022. That money was allegedly used to keep a number of former talents silent for sexual harassment. Now, WWE has announced that they would have to re-tally their previous quarterly financial reports going back several years.
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Due to this latest allegation for $5 million to Vince McMahon, the company will be delaying filing its quarterly financial report. These payments were made in 2007 and 2009.
“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,” a portion of the filing mentioned.
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Vince McMahon had less powers within the WWE, nowadays
These payments aren’t directly linked to the accusations against Vince McMahon to keep the former female employees quiet to keep the sexual misconduct secret. But it did come to light soon after John Laurinaitis was let go of the company. After staying as a head-honcho in the WWE for years, Johnny Ace had to make his exit since he’s also being investigated in the same scandal.
Vince McMahon is being investigated by WWE’s Board of Directors as well as by federal prosecutors and the Securities & Exchange Commission (SEC) for a series of payments he made between 2006 to 2022. A report from PWInsider claimed that the idea of McMahon operating behind the scenes for a publicly traded company would be illegal, and things “would break loose on a criminal level.”
One source within WWE also told the outlet that the new corporate structure of the company has been laid out with “lots of checks and balances” to prevent Vince McMahon from having any influence. Even Fightful Select reports that Vinnie Mac is no longer able to pull the strings within the company. In his absence, Stephanie McMahon and Tony Khan are playing the role of co-WWE CEOs.
