The story around Vince McMahon’s hush money scandal continues to get stranger. Allegations that McMahon had made such payments began when the Wall Street Journal posted their exposee on July 8th.
The allegations and consequent investigation by the SEC and federal prosecutors effectively forced Vince McMahon to retire from his role as WWE’s CEO. Now McMahon is back in the news as more hush money payments are coming to light.
Brandon Thurston of Wrestlenomics posted a shocking update to his Twitter page yesterday.
New filing from WWE saying they’ve found 2 additional payments together worth $5 million Vince McMahon made that should have been recorded as company expenses, bringing the total unrecorded expenses to $19.6 million.
– Brandon Thurston via Twitter
The story was later corroberated by Dave Meltzer of the Wrestling Observer Network. Meltzer also added that the $5 million came in two payments to two different people made in 2007 and 2009. In another tweet, Thurston revealed that WWE’s discovery delayed the posting of their quarterly earnings.
WWE expects to be able to report Q2 earnings “within the five day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934”. WWE wrote in a previous filing that they were targeting today for an earnings release.
-Brandon Thurston via Twitter
This ongoing scandal has all but tanked Vince McMahon’s reputation. Professional wrestling already wasn’t the most respected form of entertainment, and McMahon’s hush money payments and allegations of sexual misconduct making their way into mainstream news outlets assuredly made the public opinion of the sport even less favorable.