SEC and federal inquiries into Vince McMahon’s hush money payments drove him to announce his retirement from the company quicker, according to a new Wall Street Journal report.
The new report says that people familiar with the matter believed that McMahon chose to resign on Friday after the Security and Exchange Commission and federal prosecutors launched investigations into hush money payments that McMahon made to keep sexual relationships and sexual misconduct quiet.
WWE filed their preliminary financial results this morning, with an 8K filing noting that $14.6 million in payments made by McMahon had not been recorded. The filing said that McMahon would pay the money back to the company, and previous financial statements from December 2019 through the first quarter of 2022 will be revised as a result.
The filing also said that the company has received “regulatory, investigative and enforcement inquiries, subpoenas or demands” as a result of the hush money payments.
McMahon officially retired from the company on Friday, with Stephanie McMahon and Nick Khan being named co-CEOs of the company. On Monday, it was announced that Paul “Triple H” Levesque was named the new head of WWE creative in addition to his role as EVP of Talent Relations.