Vince McMahon in more hot water after an extra $5 million in personal payments found amid misconduct allegations
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Former WWE chairman Vince McMahon has landed in more hot water after an additional $5 million (AU$7.2m) of undeclared payments were found amid misconduct allegations.
The wrestling company’s board had been conducting an investigation into allegations that the 76-year-old had paid millions of dollars in hush money to various women throughout his tenure as WWE boss.
The money is believed to have been paid in order to keep news of affairs and other misconduct quiet, according to Variety.
Amid the investigations, the WWE announced that it would revise its financial statements to account for $14.6 million (AU$21m) that should have been recorded as expenses.
In an SEC filing, the company disclosed that it had found an additional two payments totalling $5 million (AU$7.2m) in 2007 and 2009.
The company made note that the payments were unrelated to the allegations that led to the investigation in the first place, however, did not provide details of what the payments were for.
The statement read: “The Company has evaluated the Unrecorded Expenses and has determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable. All payments underlying the Unrecorded Expenses were or will be paid by Mr. McMahon personally. The Special Committee investigation remains ongoing.”
WWE was originally aiming to issue the revised financial statements by August 9, however, the new information means that wasn't doable.
Vince McMahon announced his retirement from the WWE last month amid allegations of off-the-books payments, news that had been broken by the Wall Street Journal.
McMahon released a statement, saying: “As I approach 77 years old, I feel it's time for me to retire as Chairman and CEO of WWE. Throughout the years, it's been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.
“I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment.
“I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment."
According to PWInsider, WWE has also quietly let go of John Laurinaitis who was the head of talent relations.