Vince McMahon reimbursed WWE $17.4M for cost of hush money probe

WWE (NYSE:WWE) Executive Chairman Vince McMahon has paid the Stamford-based wrestling company $17.4 million to cover the expenses of its internal investigation of sexual misconduct allegations made against him by former female employees.

According to a Variety report, WWE acknowledged the sum in a filing with the U.S. Securities and Exchange Commission that McMahon”™s reimbursement encompassed “the costs that have been incurred and paid by the company and/or its subsidiaries, through Jan. 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the company”™s board of directors,” along with related revisions to the company”™s financial statements.

Furthermore, the company stated that McMahon promised reimbursements “for additional costs incurred by the company and/or its subsidiaries” after Jan. 31. The agreement included a “release of the company by Mr. McMahon regarding the investigation and related matters described above.”

McMahon abruptly retired last July after press reports that he made roughly $19.4 million in hush money payments to former WWE employees who accused him of sexual harassment, but he forced his way back into WWE”™s leadership in January by using his position as the company”™s controller shareholder.

The SEC filing did not specifically identify the focus of the investigation and McMahon has not made himself available for media interviews since the news of the hush money payments became public.

Photo courtesy of WWE