With the WWE Board of Directors currently investigating Vince McMahon for alleged misconduct, the latest SEC filing from the company suggests that there could be more potential payouts from McMahon about to be unearthed, in addition to legal ramifications for both Vince and WWE.
This filing reveals how WWE has made a "preliminary determination" that payments made by McMahon between 2006 and 2022 were not recorded as expenses during the quarters they took place. In turn, these payments have been listed as "Unrecorded Expenses", which means WWE is now revising prior financial statements with the aim of issuing new statements on 9 August.
The total for these "Unrecorded Expenses" amounts to $14.6 million that McMahon had either personally paid or was due to pay. WWE is now continuing to "evaluate the impact on previously reported financial statements" by all of this.
Previously, we've heard how Vince McMahon had paid a total of $12.5 million in non-disclosure agreements. Of that, one payout is believed to have been for $7.5 million to a former female member of the WWE roster. There are also separate arrangements for other individuals that are for $3 million and two $1 million amounts.
Interestingly, if this $12.5 million total is part of the aforementioned $14.6 million of "Unrecorded Expenses", that leaves a further $2.1 million unaccounted for right now.
Whether this unaccounted for figure pertains to any other payouts from McMahon remains to be seen, although this latest filing does included the following sentences that would suggest the company is not ruling out further legal ramifications for the now-former WWE CEO and the organisation.
As previously announced, a special committee of independent members of the Board is conducting an investigation into alleged misconduct by Vince McMahon, which investigation remains ongoing.
AdvertisementThe 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.
Of course, Vince McMahon retired from all WWE duties on Friday, citing how, at nearing 77 years of age, he "feels it's time for me to retire".