Vince McMahon will reimburse WWE $17.4 million for costs the wrestling entertainment company incurred in investigation misconduct allegations against the exec.
McMahon, WWE’s executive chairman and controlling shareholder, returned to the company earlier in 2022 after he “retired” from the company last year. WWE’s board has formed a special committee to look into allegations that he paid millions of dollars in hush money to multiple women to stay quiet about affairs and other misconduct.
Under an agreement reached with the company, McMahon on March 23 paid about $17.4 million, according to an SEC filing by WWE Friday. That was 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,” as well as related revisions to the company’s financial statements and other related matters, WWE said.
McMahon also promised to pay back the company “for additional costs incurred by the company and/or its subsidiaries” after Jan. 31. The agreement also includes a “release of the company by Mr. McMahon regarding the investigation and related matters described above.”
Since McMahon returned to the WWE, the company has been actively seeking a buyer. As CEO of WWE, McMahon made payments totaling $19.6 million dating back to 2007 related to the alleged misconduct, the company disclosed last summer.
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