Executive Chairman of WWE Vince McMahon recently paid approximately 17.4 Million Dollars in investigation costs to WWE.
WWE sent out a report saying that Executive Chairman Vince McMahon had paid $17.4 million to cover costs related to an investigation into his alleged misconduct. McMahon who made the company what it is now retired as the CEO and chairman of the company in July last year. However, he returned to the board in January, after the probe was wrapped up.
The payment was made in relation to the investigation into allegations of sexual misconduct against Mcmahon and former head of talent relations John Laurinaitis.
By paying this amount of money, Mcmahon also nodded his head to an agreement which includes a release of Mcmahon by WWE regarding the payment of the costs and a release of the company by Mcmahon for the investigation and related matters.
The board of directors also reached out to Mcmahon back in December, when they offered him a letter agreeing on him to pay the costs and not return to the company in exchange for a guarantee that the board would not sue him for the same costs. However, Mcmahon returned to the company in January to lead a potential sale of the company and media rights.
WWE’s board of directors even formed a committee to investigate the allegations that he paid millions of dollars in hush money to women to stay quiet about sexual misconduct and extramarital affairs.
With Mcmahon’s return to the WWE, the company has been actively seeking a buyer. Vince even made payments worth $19.6 million back in 2007 related to sexual misconduct.
The investigation about the sexual misconduct allegations made on Vince Mcmahon and Laurinaitis has been going on for a long time now and payments made by McMahon recently can make a significant impact on the case.