In June of 2022, it looked like Vince McMahon was finally done with WWE. Vince would step down as CEO after an investigation showed multiple cases of sexual misconduct against him.
This included millions of dollars in money given to those involved, hoping to keep the situation quiet. While Vince has since returned to the board of WWE as a controlling shareholder – he still needed to reimburse the company, and he’s now given $17.4 million dollars back to the company.
Vince McMahon Reimburses WWE $17.4 Million After Sexual Misconduct
This would be revealed in a recent filing – which contained the following information.
“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.”
Right now, the focus of Vince McMahon is helping a potential sale of WWE before the media rights negotiations with USA Network & Fox later this year, hoping to secure a sale before Smackdown & RAW are locked into deals.
Do you think WWE will sell in 2023? Let us know what you think in the comment section down below.
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