UPDATE: New Vince McMahon Allegations Are Even Worse

WWE is having to delay releasing its annual report after the company alleging found an additional $5 million in unreported money that Vince McMahon allegedly paid.

According to the SEC filing:

On June 17, 2022, World Wrestling Entertainment, Inc. (the “Company”) and its Board of Directors announced that a special committee of independent members of the Board of Directors (the “Special Committee”) was conducting an investigation into alleged misconduct by the Company’s former Chairman and Chief Executive Officer, Vincent K. McMahon, who resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest, and another executive, who is also no longer with the Company.

On July 25, 2022, the Company announced that it has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future totaling $14.6 million) were not appropriately recorded as expenses in the Company’s consolidated financial statements.

This is all that we knew before. But the Board revealed they found more unauthorized and unaccounted-for expenditures.

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. Together, these unrecorded expenses total $19.6 million (the “Unrecorded Expenses”). The Company has evaluated the Unrecorded Expenses and has determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable. All payments underlying the Unrecorded Expenses were or will be paid by Mr. McMahon personally. The Special Committee investigation remains ongoing.

The filing also seems to confirm an earlier report that WWE had fired John Laurenitis. McMahon is estimated to be a billionaire, so he should have no problem paying off these nearly $20 million in expenses. However, this puts WWE in a bad position with investors and the SEC. The company will need to go back and revise years’ worth of filings with the Securities and Exchange commission. 

This opens the possibility for WWE to be fined by the securities regulator. It is fair to assume that Vince’s resignation was sped up by this revelation. 

Original Post:

WWE leader Vince McMahon is under fire after allegations surfaced that he paid a former employee $3 million in a non-disclosure agreement. We suspected more would come from the story as the WWE Board of Directors continued investigating. Today, The Wall Street Journal is out with new information that shows that the allegations and payments were way more extensive than previously discussed. 

According to WSJ, Vince has paid upwards of $12 million to at least four women, including $7.5 to a former wrestler:

The previously unreported settlements include a $7.5 million pact with a former wrestler who alleged that Mr. McMahon coerced her into giving him oral sex and then demoted her and, ultimately, declined to renew her contract in 2005 after she resisted further sexual encounters, according to people familiar with the matter. The wrestler and her attorney approached Mr. McMahon in 2018 and negotiated the payment in return for her silence, the people said.

Vince McMahon Should Be Done In WWE

There is no word yet on who the former wrestler is, but the 2018 renegotiation suggests that the wrestler came to Vince during the height of the #MeToo era. 

I think we can all agree that this has gone beyond a little office tryst. Vince has shown himself to be a menace and a distraction to WWE. He should do the right thing and relinquish complete control of the company to the Board and Stephanie McMahon. The public profile of WWE is too valuable to be continually dragged in the dirt like this. 

Internet Reacts To Vince McMahon News

Will Vince resign? It appears that Vince was still defiant after the initial story.

Share your thoughts on the story in the comment section below. 

Next, Read This: Sasha Banks & Naomi Off Internal Listing, WWE Board Of Director Quits