Vince McMahon Reimburses $17.4 Million To WWE
Vince McMahon Has Reimbursed WWE For $17.4 Million
Over the last year, scandal and controversy has surrounded the name of Vince McMahon. WWE had previously investigated McMahon following alleged sexual misconduct and hush money, to which there were unrecorded expenses of up to $19.6 million when it came to McMahon.
Per a recent SEC filing, McMahon looks to have reimbursed WWE over this, up to an amount of $17.4 million. The filing states;
“On March 20, 2023, World Wrestling Entertainment, Inc. (the “Company”) entered into a reimbursement agreement (the “Agreement”) with Vincent K. McMahon, the Company’s Executive Chairman, director and controlling stockholder. The Agreement provides that Mr. McMahon will pay the Company approximately $17.4 million to reimburse the Company for the costs that have been incurred and paid by the Company and/or its subsidiaries, through January 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the Company’s board of directors, related revisions to the Company’s financial statements and other related matters. Such payment was made on March 23, 2023. The Agreement further provides that Mr. McMahon will also review in good faith and reimburse the Company for additional costs incurred by the Company and/or its subsidiaries subsequent to January 31, 2023 (or that have been incurred by the Company and/or its subsidiaries and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters.
The Agreement also includes a release of Mr. McMahon by the Company regarding the recovery of the costs described above and a release of the Company by Mr. McMahon regarding the investigation and related matters described above.”
McMahon is now back in WWE on the board after previously “retiring” and stepping back from his various roles in the company.