WWE discloses additional $5 million in payments made by Vince McMahon

WWE says it uncovered two additional payments totaling $5 million on top of the $14.6 million the former CEO Vince McMahon paid in “unrecorded expenses” from 2006 to 2022.

“The Company has assessed unrecorded expenses and determined that these amounts should have been recorded as expenses in each of the periods in which they became probable and estimable,” WWE said in a securities filing on Tuesday.

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Additionally, the company disclosed that all underlying unrecorded expenses “have been or will be paid by Mr. McMahon personally.” WWE is facing investigations related to the payments, which allegedly went to former employees with whom McMahon had sex.

The previously undisclosed payments, made in 2007 and 2009, bring the total alleged settlements to resolve misconduct allegations against McMahon to $19.6 million.

In July, McMahon retired from the company after stepping down as CEO and chairman of the sports-entertainment powerhouse amid an “alleged misconduct investigation” by him and John Laurinaitis, head of talent relationships.

A month earlier, The Wall Street Journal had reported multimillion-dollar settlements paid to women who had relationships with McMahon. The company launched an investigation earlier this year after the board was contacted by someone who knew a former employee, who was hired as a paralegal in 2019. The investigation uncovered other deals of non-disclosure involving allegations of misconduct against McMahon. The number of colonies is unknown.

In the filing, WWE said it had determined on a preliminary basis that the amount of unrecorded expenses was not material during any individual period in which it occurred, but that the total amount would be. if fully registered in the second quarter of 2022.

“As a result, the Company currently expects that it will revise its previously issued financial statements to record unrecorded expenses in the applicable periods for the years ended December 31, 2019, 2020 and 2021, as well as in the first quarter of 2022, when ‘it will issue its financial statements for the second quarter of 2022,” he said in the securities filing. “The Company also expects to conclude that its disclosure controls and procedures and its internal control at financial reporting were not effective due to one or more material weaknesses.”

WWE also noted in the August 9 filing that it “has also received, and may in the future receive, regulatory, investigative and enforcement inquiries, subpoenas or requests arising out of, related to or in connection with such matters”. He did not respond to requests for comment.

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