WWE To Restate Financial Results After Discovering Unreported Vince McMahon Payments Totalling $14.6 Million
Vince McMahon payments went unreported in WWE accounts
In an 8K report, WWE announced they had discovered that Vince McMahon made payments totalling $14.6 million between 2006 and 2022 that had not been reported within the company's consolidated financial statements.
"All payments underlying the Unrecorded Expenses were or will be paid by Vince McMahon personally," the filing noted.
As a result of the unrecorded expenses, WWE will revise their financial statements for 2019, 2020, 2021, and Q1 2022 when the financial statements for Q2 2022 are issued, which the organisation is looking to do by August 9.
It was not confirmed if the $14.6 million was related to the over $12 million in payments McMahon made between 2006 and 2022 to women to "suppress allegations of sexual misconduct and infidelity," although the 8K report did acknowledge the ongoing WWE Board investigation.
Since the $12 million in payments came to light, Vince McMahon has announced his retirement from WWE. He has been replaced by Stephanie McMahon who is the new Chairwoman and a Co-CEO with Nick Khan. Triple H has also been announced as the new head of WWE creative.