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WWE Discloses An Additional $5 Million In Unreported Payments By Vince McMahon, Q2 Financial Filing Delayed

WWE
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STAMFORD, CT (CelebrityAccess) — On Tuesday, World Wrestling Entertainment revealed that unreported payments made by its former longtime CEO Vince McMahon have grown by an additional $5 million, forcing the company to delay its earnings report.

The WWE had previously reported that an internal investigation revealed that McMahon paid $14.6 million in previously undisclosed payments that the Wall Street Journal reported were made to curtail allegations of misconduct against him between 2006 through 2022.

Now, according to an SEC filing from WWE, McMahon made two additional payments, totaling $5 million, which were unrelated to the allegations of misconduct, but which also were not properly reported in the company’s quarterly consolidated financial statements.

McMahon, who announced his retirement from his role as CEO last month, remains WWE’s largest shareholder. He acquired the company from his father more than 4 decades ago and played a key role in expanding the wrestling promotion into a billion-dollar international brand.

Following his retirement, WWE announced McMahon’s daughter, Stephanie McMahon will serve as co-CEO and chairwoman alongside of her husband, WWE’s creative content director and former wrestler Paul Levesque.

The WWE, which is currently conducting an internal investigation of Mr. McMahon, said the payments were unrelated to the previous allegations against McMahon but did not provide any additional insight into their purpose. However, the revelation of the undisclosed payments prompted the WWE to delay its latest quarterly earnings report.

As well, while the company noted that the unrecorded expenses were not material to the individual quarters in which they went unreported, the aggregate expense of $19.6 million would be of material concern for investors if recorded in Q2 2022.

The WWE also stated that Mr. McMahon will be personally responsible for all payments underlying the unreported expenses.

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