Vince McMahon addresses federal subpoena in company e-mail

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Vince McMahon issued an internal statement after the company’s disclosure of a federal grand jury subpoena being issued.

In WWE’s 10-Q filing on Wednesday in conjunction with its quarterly earnings reports, WWE noted the following in the SEC filing:

On July 17, 2023, federal law enforcement agents executed a search warrant and served a federal grand jury subpoena on Mr. McMahon. No charges have been brought in these investigations.

The Company has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters.

Nick Khan addressed the subpoena during the earnings call with analysts and stated that would be cooperating fully and that they would not comment on any legal matters.

In an email sent to those within the company, Vince McMahon issued the following statement regarding the matter:

In 2022, WWE formed a special committee to review allegations of misconduct against me. That review was concluded in November 2022 following an extensive investigation. Throughout this experience, I have always denied any intentional wrongdoing and continue to do so. I am confident that the government’s investigation will be resolved without any findings or wrongdoing. I am focused on completing the recovery process from my recent spinal surgery and on closing our transaction with Endeavor, which will create one of the preeminent global sports and entertainment brands.

It was noted in the 10-Q filing that WWE has paid an additional $7.1 million this year in expenses related to the costs incurred and arising from the investigation into McMahon. It noted that McMahon has agreed to review and reimburse the company for all reasonable costs incurred and thus far, has paid $17.4 million to date.

My assumption about all of this is that the government is covering all bases before an approval of the sale.

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A Grand Jury was probably opened for this case long ago, in regards to past issues, though. Maybe it was a last minute thing, to rush in front of a judge to get the search warrant, but I doubt it.