LAS VEGAS, NEVADA – JULY 02: Vince McMahon, Stephanie McMahon and Triple H attend the UFC 276 match at T-Cellular Area on July 02, 2022 in Las Vegas, Nevada.
Jeff Bottari | Ufc | Getty Pictures
Global Wrestling Leisure on Monday disclosed $14.6 million in prior to now unrecorded bills paid in my opinion through best shareholder Vince McMahon, who introduced his retirement Friday as he’s being investigated for claims of sexual misconduct.
WWE additionally hinted that the misconduct allegations, already the topic of an ongoing impartial evaluate overseen through the corporate’s board, are below investigation through different entities.
“The Corporate has additionally won, and would possibly obtain one day, regulatory, investigative and enforcement inquiries, subpoenas or calls for bobbing up from, associated with, or in reference to those issues,” WWE stated in an SEC submitting Monday morning.
The payout is $2.6 million greater than the sum reported through The Wall Side road Magazine previous this month. McMahon allegedly paid that cash to girls from 2006 thru this yr to make sure their silence over alleged affairs and misconduct.
The corporate stated it expects to conclude that its “interior regulate over monetary reporting used to be no longer efficient because of a number of subject matter weaknesses.” WWE stated it will mirror the unrecorded bills in up to date reviews for 2019, 2020 and 2021, in addition to this yr’s first quarter, when it reviews moment quarter profits. The corporate used to be set to record Aug. 9, however the revisions may extend that, WWE stated.
McMahon, 76, is the corporate’s biggest shareholder, with an roughly 32% stake. WWE inventory rose about 7% Monday morning. It’s up greater than 30% this yr, even because the S&P 500 is down about 15% up to now in 2022.
The disclosure accompanied management adjustments. Stephanie McMahon, who’s Vince McMahon’s daughter, will act as chairwoman and co-CEO. Nick Khan, the corporate’s president, may also paintings as co-CEO.
Vince McMahon’s son-in-law, Paul Levesque, aka “Triple-H,” will take over the corporate’s inventive regulate, which the elder McMahon held onto after he stepped apart previous this month. It marks a go back from a hiatus for Levesque after a “cardiac match” reported through Sports activities Illustrated. It additionally expands his function from the manager vp of ability family members. Levesque is married to Stephanie McMahon.
Vince McMahon stays the bulk shareholder of the corporate with about 32% of the inventory in his ownership, retaining a decent cling at the corporate.
The WWE incorporated constructive initial second-quarter profits estimates alongside width the disclosures about McMahon, reporting $69.8 million in running source of revenue all the way through the second one quarter, up from $46.3 million in the similar duration ultimate yr.
– CNBC’s Alex Sherman contributed to this record.