WWE restating multiple financial statments, $14.6 million in unrecorded payments found that were made by Vince McMahon

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Big Red Machine
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WWE restating multiple financial statments, $14.6 million in unrecorded payments found that were made by Vince McMahon

Post by Big Red Machine » Jul 25th, '22, 21:20

https://vip.pwtorch.com/2022/07/25/wwe- ... e-mcmahon/

By Sean Radican, PWTorch Columnist (Twitter: @SR_Torch)

July 25, 2022

WWE is restating several financial statements that revealed in a a new 8-K filing that revealed payments from Vince McMahon.

The statements for 2019, 2020 and 2021 and the first quarter of 2022 are going to be revised. The expenses total $14.6 million which McMahon will be paying back.

The filing states, “The Company has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made (the “Unrecorded Expenses”). As of the date hereof, the Company has identified Unrecorded Expenses totaling approximately $14.6 million. All payments underlying the Unrecorded Expenses were or will be paid by Vince McMahon personally.”

The filing also states “The company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”

McMahon is currently under investigation by a special committee of WWE’s Board of Directors for allegedly making hush money payments to four former female employees totaling $12 million over the past 16 years. McMahon voluntarily stepped down as WWE Chairman and CEO while the investigation was going on prior to announcing his retirement from WWE last Friday.

The Wall Street Journal first reported McMahon had paid over $12 million in hush money to over the past 16 years suppress allegations of sexual misconduct and infidelity on July 8.
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