In the aftermath of two explosive stories from the Wall Street Journal, other mainstream outlets have reportedly begun fishing into Vince McMahon’s past transgressions. In the coming week, HBO Real Sports is set to drop a story on McMahon that is said to contain “damning” details.
On Monday’s Wrestling Observer Live, Bryan Alvarez noted that McMahon’s retirement was likely a preemptive move as WWE was aware of the details in the upcoming stories.
“I will say that there are rumors that the HBO Real Sports story on Vince is – one person used the term ‘damning’ and that there might be another Wall Street Journal article coming out this week,” Alvarez said [H/T WrestlingNews]. “They may have gotten ahead of things with this resignation on Friday.”
McMahon is currently under investigation by not just WWE’s Board of Directors, but also federal prosecutors and the Securities & Exchange Commission (SEC) for a series of payments he made between 2006 to 2022.
In their 8-K filing with the SEC, WWE stated that they had received “regulatory, investigative and enforcement inquiries, subpoenas or demands” in connection with “Unrecorded Expenses” made by McMahon between 2006 and 2022. WWE announced they are currently revising previous financial statements to record these expenses for the end of 2019, 2020, 2021 and Q1 of 2022, with the goal of issuing new statements by August 9. The “Unrecorded Expenses” were disclosed to be a sum of $14.6 million, which WWE mentioned have either been paid or will be paid personally by McMahon.
According to a WSJ report published Monday, the ongoing federal investigation essentially hastened McMahon’s decision to retire from all duties, corporate and creative. McMahon initially stepped down as CEO & Chairman last month but continued to overlook the creative end of WWE. All that changed last Friday when McMahon announced his retirement from the company.
Source: Wrestling Inc.