WWE Finds More “Unrecorded Expenses” By Vince McMahon For A Total Near $20M

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Stephanie McMahon, the daughter of former WWE founder Vince McMahon and now the company’s Co-CEO, began the company’s second-quarter earnings call with a tribute to her father as a “true founder and entrepreneur.”

Todd Spangler NY Digital EditorWWE said its board’s investigation into alleged misconduct by ex-CEO and chairman Vince McMahon is “substantially complete.” The company restated earnings going back to 2019 to account for personal payments McMahon made during his tenure, including $14.6 million allegedly to women in return for their silence about affairs and other misconduct.However, the McMahon investigation may continue to have a financial impact, WWE said in regulatory filings.“While we currently anticipate spending approximately $10 million during the remainder of the year related to this investigation, the related costs could exceed this estimate,” the wrestling entertainment company said in its 10-Q filing for the second quarter of 2022. As previously disclosed, WWE also has “received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters,” the company said.

There’s Just One Problem,” out Tuesday.In it, Gewirtz, who worked at WWE from 1999 to 2015, gives a revealing look inside the wrestling world and the hardball management style of an embattled former CEO known for strange foibles such as despising sneezing and giraffes.Here are some of the wackiest reveals from his new book.McMahon — who suddenly left WWE this summer — paid a reported $14.6 million in hush money to multiple women who had alleged that he committed sexual misconduct between 2006 and 2022. In his book, Gerwitz recalls his own experiences grappling with the wrestling titan.

former CEO Vince McMahon — bringing the total of unrecorded payments up to $19.6 million.WWE revealed in a statement to the SEC on Tuesday that, on June 17, a special committee was «conducting an investigation into alleged misconduct» of McMahon — who then resigned as CEO on July 22, amid the investigation.«On July 25, 2022, the Company announced that it has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future totaling $14.6 million) were not appropriately recorded as expenses in the Company’s consolidated financial statements,» the SEC filing document stated. «Since that time, the Company has determined that two additional payments totaling $5.0 million, unrelated to the allegations that led to the Special Committee investigation, that Mr.

Todd Spangler NY Digital EditorVince McMahon’s off-the-books payments while he was chairman and CEO of WWE were higher than previously reported, the company said.Last month, WWE announced that it would revise its financial statements going back to 2019 because $14.6 million of “certain payments” that McMahon made while chairman and CEO should have been recorded as expenses. That was three days after McMahon said he was retiring from WWE, an announcement that came amid an ongoing investigation into allegations that he paid millions of dollars in hush money to multiple women to keep quiet about alleged affairs and misconduct.In an SEC filing Tuesday, WWE disclosed that since the July 25 announcement, it determined that McMahon made two additional payments totaling $5 million — unrelated to the allegations that led to the special committee investigation — in 2007 and 2009 should also have been recorded in the company’s consolidated financial statements.

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Vince McMahon’s retirement announcement last week, the WWE will revise financial statements dating back to 2019. According to the organization, almost $15 million of payments made by McMahon should’ve been recorded as expenses.In an SEC filing this week, the company noted that it it “has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made.”According to the WWE, the aggregate amount of the payments during this period totals $14.6 million, and all payments were or will be paid by McMahon personally.

Word Wrestling Entertainment said Monday that $14.6 million of  payments by former CEO Vince McMahon from 2006 to 2022 weren’t recorded in the company’s accounts but should have been, and as a result the company will revise some of its previously issued financial statements.

Todd Spangler NY Digital EditorWWE will revise financial statements going back to 2019, saying that a total of $14.6 million of “certain payments” that Vince McMahon made while chairman and CEO should have been recorded as expenses.McMahon on Friday announced that he was retiring from WWE. That came fives weeks after he said he would be stepping down from his roles as chairman and CEO of WWE amid an ongoing investigation into allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs and misconduct.On Monday, WWE said it “has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made.” Those payments were — or will be — paid by McMahon personally.

Hours after Vince McMahon’s retirement as CEO from his WWE empire, his daughter, Stephanie McMahon, passed along her father’s thanks to fans in a live appearance on Fox’s WWE Friday Night SmackDown.

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