SEC filing indicates WWE to revise financial statements in accordance with Vince McMahon's personal payments
Vince McMahon recently retired from the pro wrestling business and is currently under investigation by the company's board of directors for alleged misconduct.
Following Vince's departure, Stephanie McMahon and Nick Khan were appointed as co-CEOs of the company while Triple H recently took charge of the creative team.
WWE recently disclosed that an approximate total of $14.6 million in payments made by the 77-year-old during his tenure as the chairman and CEO of the company should have been recorded as company expenses.
According to Variety, WWE stated in an SEC filing on July 25, 2022 that it has made a preliminary determination that certain payments that the former CEO agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future) "should have been recorded as company expenses" in the quarters in which those agreements were made.
WWE issued a corporate filing with the SEC this morning, announcing that it has determined that Vince McMahon's payouts to women in the past should have been recorded as official company expenses https://t.co/1h403ZcVvy
It was also noted that those payments were or will be paid by Mr. McMahon personally.
WWE also hinted at other probes into Vince McMahon’s alleged misconduct
It has been over a month since the Wall Street Journal reported that Vince McMahon allegedly paid more than $12 million over the past 16 years to suppress allegations of sexual misconduct and affairs.
The Wall Street Journal story broke on June 15th, 37 days later, Vince McMahon announced his retirement.
The report resulted in Vince stepping back from his position as the company's CEO and Chairman amid an investigation by the company's board of directors. Stephanie McMahon was appointed as the interim CEO and Chairwoman in his absence.
The aforementioned SEC filing from the company also hinted that other organizations are also looking into the misconduct claims:
“The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”
It'll be interesting to see how WWE operates in the absence of Vince McMahon for the first time in over 30 years. However, Triple H being appointed at the heart of things has given fans hope for a bright future.
What do you make of recent SEC filings by the company? Sound off in the comments and let us know.