Vince McMahon has reimbursed WWE for the costs related to last year’s investigation regarding alleged misconduct and hush money payments.
WWE posted an 8-K filing on Friday noting that McMahon entered into an agreement this past Monday to reimburse the company for $17.4 million with the amount paid on Thursday.
McMahon also agrees to review any further costs associated with the investigation and reimburse the company.
On March 20, 2023, World Wrestling Entertainment, Inc. (the “Company”) entered into a reimbursement agreement (the “Agreement”) with Vincent K. McMahon, the Company’s Executive Chairman, director and controlling stockholder. The Agreement provides that Mr. McMahon will pay the Company approximately $17.4 million to reimburse the Company for the costs that have been incurred and paid by the Company and/or its subsidiaries, through January 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the Company’s board of directors, related revisions to the Company’s financial statements and other related matters. Such payment was made on March 23, 2023. The Agreement further provides that Mr. McMahon will also review in good faith and reimburse the Company for additional costs incurred by the Company and/or its subsidiaries subsequent to January 31, 2023 (or that have been incurred by the Company and/or its subsidiaries and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters.
Last November, WWE stated that the special committee investigation had been completed with the committee being disbanded.
The investigation was launched by independent members of the WWE board of directors following the revelation of nearly $20 million in unrecorded expenses by McMahon including several hush money payments regarding alleged misconduct allegations.
After resigning from his role as chairman of the board last July, McMahon returned to that position earlier this year after a shake-up of board members followed by a unanimous vote to reinstall McMahon as its chairman.