Last year a report from the Wall Street Journal and the ensuing investigation into then WWE Chairman Vince McMahon revealed several large payments were made by McMahon to cover up allegations of sexual misconduct and infidelity. They were tied to signed agreements to prohibit potential legal claims, but they were paid by WWE and not McMahon personally. Since McMahon stepped away (and later returned), there’s been negotiations on reimbursement of those funds, and today McMahon and WWE have come to terms on an agreement of $17.4 million to reimburse the company for the costs incurred.
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WWE issued an SEC statement detailing the agreement, which states that the $17.4 million will reimburse WWE for the costs that have been paid by the company through January 31st, 2023. It also said such payment was made on March 23rd, and goes on to say that the agreement includes a release of Mr. McMahon by the Company regarding the recovery of costs and a release of the company by McMahon regarding the investigation. You can find the full statement below (via PWInsider).
“On March 20, 2023, World Wrestling Entertainment, Inc. (the “Company”) entered into a reimbursement agreement (the “Agreement”) with Vincent K. McMahon, the Company’s Executive Chairman, director and controlling stockholder. The Agreement provides that Mr. McMahon will pay the Company approximately $17.4 million to reimburse the Company for the costs that have been incurred and paid by the Company and/or its subsidiaries, through January 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the Company’s board of directors, related revisions to the Company’s financial statements and other related matters. Such payment was made on March 23, 2023.
The Agreement further provides that Mr. McMahon will also review in good faith and reimburse the Company for additional costs incurred by the Company and/or its subsidiaries subsequent to January 31, 2023 (or that have been incurred by the Company and/or its subsidiaries and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters.
The Agreement also includes a release of Mr. McMahon by the Company regarding the recovery of the costs described above and a release of the Company by Mr. McMahon regarding the investigation and related matters described above.”
We’ll keep you posted on any future statements and developments regarding WWE, Vince McMahon, and the special investigation.
