New York
CNN
—
Federal law enforcement agents executed a search warrant and subpoenaed World Wrestling Entertainment executive chairman Vince McMahon last month as part of an investigation into claims of sexual misconduct, the company announced this week.
US regulators and federal agents also demanded that the WWE hand over certain documents. McMahon has not been charged with a crime. The WWE and McMahon did not immediately respond to a request for comment.
McMahon was forced to retire as CEO in July 2022, but remained the company’s majority shareholder. Following his departure, the WWE disclosed multiple expenses that McMahon hadn’t reported, totaling $19.6 million. That forced the company to revise its financial statements for 2019, 2020 and 2021.
Many of the payments are related to the company’s investigation of his alleged sexual misconduct, and the company’s board last year formed a special committee to investigate.
The Wall Street Journal in July 2022 reported McMahon paid tens of millions of dollars to four women to cover up “allegations of sexual misconduct and infidelity.” McMahon has denied the allegations.
McMahon in January returned to the company as a board member after a six-month hiatus. Upon his return, he agreed to reimburse the company for its expenses related to the investigation. So far, he has repaid the WWE $17.4 million, the company reported Wednesday.
In April, the company announced it is merging with Endeavor Group, the parent company of competitor UFC, to form a new publicly traded company. McMahon will retain his current WWE title of executive chairman at the new company.
