Last month, WWE executive chairman Vince McMahon had his home search and was served with a subpoena to appear before a federal grand jury. This reportedly stems from an SEC investigation into a reported hush money payment McMahon made. According to the claims, McMahon paid $3 million to a departing employee with whom he had had an affair. The news comes six months after McMahon settled a lawsuit filed by a former WWE referee who accused him of raping her in 1986.
McMahon, who is currently recovering from spinal surgery, appears to remain under investigation by the federal government. However, in the regulatory filing that reported the search, the WWE stated that no charges had been brought against McMahon at this time. At this time, it is not clear if or when McMahon will testify before the grand jury.
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McMahon Proclaims Innocence
“In 2022, WWE formed a special committee to review allegations of misconduct against me,” McMahon said in a statement. “That review was concluded in November 2022 following an extensive investigation. Throughout this experience, I have always denied any intentional wrongdoing and continue to do so. I am confident that the government’s investigation will be resolved without any findings of wrongdoing.” In a separate statement, WWE said that it has “cooperated throughout and fully understands and respects the government’s need for a complete process.”
However, despite McMahon’s declaration of innocence, the investigation has completely reshaped the company at the top of pro wrestling. During the WWE’s internal investigation, McMahon resigned as CEO and later retired. However, McMahon remained as shareholder with controlling interest and returned to the company as “executive chairman” in January 2023. This led to the WWE merging with the UFC to great the $21 billion TKO Group Holdings. Endeavor Group Holdings, which currently owns the UFC, will have a 51% controlling share. Elsewhere, McMahon vowed to reimburse the WWE for all expenses relating to the investigation. At the time of writing, he has so far paid $17.4 million.
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