Report: Vince McMahon WWE Retirement Hastened By Federal Investigations
The SEC and federal prosecutors are looking into Vince McMahon's hush payments
In a shocking announcement on Friday, July 22, Vince McMahon revealed he was retiring from WWE, stepping away from the company he had led for the last 40 years.
McMahon's announcement came after a Wall Street Journal report on June 15 revealed the WWE Board were investigating the 76-year-old over a $3 million hush payment he made to a former employee over an alleged sexual relationship. McMahon then announced a couple of days later that he was temporarily stepping down as WWE CEO and Chairman while the board carried out their investigation.
Another Wall Street Journal report on July 8 then revealed the now-former WWE Chairman had paid over $12 million in the last 16 years to "suppress allegations of sexual misconduct and infidelity," including $7.5 million to a former female wrestler.
McMahon ultimately continued as head of WWE creative following those two stories before his shock retirement on Friday and a third Wall Street Journal report has now stated that McMahon's retirement was "hastened" by new federal investigations into the hush payments.
The Securities and Exchange Commission and federal prosecutors have begun to inquire into the payments made by McMahon and WWE noted on Monday they had received "regulatory, investigative and enforcement inquiries, subpoenas or demands."
Spokesmen from the WWE Board, the SEC and the US attorney's office in Connecticut have yet to comment on the story.
Since McMahon's retirement, WWE have confirmed Stephanie McMahon as the new Chairwoman. She is also a Co-CEO with Nick Khan, while Paul "Triple H" Levesque is the new head of WWE creative and Executive Vice President of Talent Relations.