WWE Chairman Vince McMahon made a significant payment towards the Board of Directors’ Special Committee investigation this week as he and the company have entered into an agreement over the cost of the investigation.
A new WWE SEC filing notes that McMahon has personally paid $17.4 million towards the Board’s 2022 investigation into sexual misconduct allegations against McMahon and former Head of Talent Relations John Laurinaitis. The costs are for a period that ran through January 31 of this year. McMahon entered into the reimbursement agreement on March 20, and made the payment on March 23, or Thursday of this week.
McMahon also agreed to review in good faith and then reimburse WWE for additional costs related to the same matters. The agreement includes a release of McMahon by WWE regarding the payment of the costs, and a release of the company by McMahon for the investigation and related matters.
The SEC filing includes the following:
Item 1.01 Entry Into a Material Definitive Agreement.
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.
The Agreement also includes a release of Mr. McMahon by the Company regarding the recovery of the costs described above and a release of the Company by Mr. McMahon regarding the investigation and related matters described above.
Back in December, the Board tried to get McMahon to sign a letter saying he would pay the costs, and to agree that he would not return to WWE in exchange for a guarantee that the Board would not sue him for the same costs.
WWE noted in February’s Q4 & Full Year 2022 earnings release that they racked up $21.7 million in costs related to the investigation, for the year 2022. It was noted then that McMahon had agreed to reimburse the company for “reasonable expenses related to the Special Committee investigation, net of any insurance proceeds.”
McMahon returned to the company in January to help lead a potential sale of the company, as well as media rights fees, as detailed below. There have been rumors on McMahon helping with WWE creative again, but that has not been confirmed. Vince was backstage for the March 6 RAW in Boston, his first show since “retiring” last summer.
Stay tuned to WrestlingHeadlines.com for more. For those who missed it, below are links to some of our original reports on the McMahon situation:
FULL COVERAGE OF THE VINCE MCMAHON – JOHN LAURINAITIS ALLEGATIONS AND FALLOUT:
– Vince McMahon Reaches Multi-Million Dollar Settlement with Rita Chatterton
– Backstage Notes on Vince McMahon from WWE HQ, Key Executive Returns?
– Vince McMahon Repeals Recent WWE Bylaw Amendments, New Class-Action Lawsuit Filed
– WWE Names Vince McMahon as Chairman Once Again; Comments from Vince, Nick Khan, Stephanie McMahon
– Stephanie McMahon Announces WWE Resignation
– Full Transcript from Today’s WWE Meeting Led By Stephanie McMahon, Nick Khan and Frank Riddick
– Backstage News from WWE Meeting, WWE Going Private Again?, Vince McMahon Notes, More
– WWE Holding Important Meeting Today, Wall Street Reacts to Vince McMahon’s Return to The Board
– Wall Street Reacts to Potential WWE Sale and Return of Vince McMahon
– Backstage Reactions to Vince McMahon Confirming His Plans for a WWE Return
– Vince McMahon Issues Statement and Details on Plans for WWE Return
– Vince McMahon Reportedly Planning WWE Return for a Major Sale
– Vince McMahon Scandal Hurt WWE’s Ability to Sell Sponsorships
– Backstage Talk on Vince McMahon’s Post-WWE Life
– WWE Says Vince McMahon’s Departure May Hurt the Company Creatively and Financially
– WWE Reveals $5 Million More In Payments Made By Vince McMahon
– Backstage Updates on WWE and John Laurinaitis, WWE’s Board of Directors Investigation
– Linda McMahon Comments on Vince McMahon’s WWE Retirement After Being Pressed By Reporter
– Vince McMahon WWE Stock Update, Vince’s WWE Ownership, Linda McMahon Note
– USA Network Looks Ahead to Big WWE Changes, USA on Fan Reactions to Triple H Taking Over Creative
– Top WWE Stars Jab at Vince McMahon’s Retirement on RAW
– What Triple H Promised to WWE Talents In Pre-RAW Backstage Meeting, More Backstage Notes
– Vince McMahon Facing Additional Investigations?, More on Vince’s Exit from WWE
– WWE Restates Financial Statements Due to Unrecorded Vince McMahon Expenses, Vince to Pay Money Back
– Backstage News on Brock Lesnar Working WWE SmackDown After Walking Out Earlier
– Stephanie McMahon and WWE Fans Send “Thank You” Message to Vince McMahon
– Read Vince McMahon’s Full Retirement Letter Sent to WWE Employees
– Brock Lesnar Officially Pulled from WWE SmackDown
– WWE to Replace Brock Lesnar at SummerSlam?, More on Lesnar’s Reaction to Vince McMahon’s Retirement
– Backstage News on Vince McMahon’s Retirement, Stephanie McMahon and Nick Khan’s New WWE Roles, More
– Brock Lesnar Reportedly Leaves SmackDown, Upset Over Vince McMahon’s WWE Retirement
– Vince McMahon Retires from WWE
– Triple H at WWE SmackDown, Backstage Talk on Triple H’s New Role, Bruce Prichard Update, More
– WWE Announces Triple H’s New Executive Role, Triple H Comments
– Netflix Reportedly Pulls Vince McMahon Project, Millions of Dollars Spent
– WWE Issues Internal Statement on Latest Vince McMahon Allegations
– Vince McMahon Reportedly Paid Millions of Dollars In “Hush Money” to Former Wrestler and Others
– News on Who Made the Decision to Name Stephanie McMahon as WWE’s Interim CEO & Chairwoman
– Stephanie McMahon Addresses Investigation Into Her Father During WWE HQ Meeting
– How Much Value WWE Has Lost Since Vince McMahon Scandal Broke, WWE Ratings Up Due to Buzz?
– WWE Now Facing Multiple Potential Class Action Lawsuits
– Vince McMahon Makes Surprise WWE RAW Appearance to Hype Big Return
– More Details On Vince McMahon’s Mood, Backstage Atmosphere At Friday’s WWE SmackDown
– Vince McMahon Opens Tonight’s WWE SmackDown, Video of the Segment
– Stephanie McMahon Sends Message to WWE Staff After Today’s Huge Announcement
– Vince McMahon Announced for WWE SmackDown
– Pat McAfee Reacts to Vince McMahon Allegations, Thinks We Will Never Get the Truth
Follow Marc on Twitter at @this_is_marc. Send any news, tips or corrections to us by clicking here.
The post Vince McMahon Makes Multi-Million Dollar Payment for WWE Special Committee Investigation appeared first on Wrestling Headlines.
WWE Chairman Vince McMahon made a significant payment towards the Board of Directors’ Special Committee investigation this week as he and the company have entered into an agreement over the cost of the investigation.
A new WWE SEC filing notes that McMahon has personally paid $17.4 million towards the Board’s 2022 investigation into sexual misconduct allegations against McMahon and former Head of Talent Relations John Laurinaitis. The costs are for a period that ran through January 31 of this year. McMahon entered into the reimbursement agreement on March 20, and made the payment on March 23, or Thursday of this week.
McMahon also agreed to review in good faith and then reimburse WWE for additional costs related to the same matters. The agreement includes a release of McMahon by WWE regarding the payment of the costs, and a release of the company by McMahon for the investigation and related matters.
The SEC filing includes the following:
Item 1.01 Entry Into a Material Definitive Agreement.
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.
The Agreement also includes a release of Mr. McMahon by the Company regarding the recovery of the costs described above and a release of the Company by Mr. McMahon regarding the investigation and related matters described above.
Back in December, the Board tried to get McMahon to sign a letter saying he would pay the costs, and to agree that he would not return to WWE in exchange for a guarantee that the Board would not sue him for the same costs.
WWE noted in February’s Q4 & Full Year 2022 earnings release that they racked up $21.7 million in costs related to the investigation, for the year 2022. It was noted then that McMahon had agreed to reimburse the company for “reasonable expenses related to the Special Committee investigation, net of any insurance proceeds.”
McMahon returned to the company in January to help lead a potential sale of the company, as well as media rights fees, as detailed below. There have been rumors on McMahon helping with WWE creative again, but that has not been confirmed. Vince was backstage for the March 6 RAW in Boston, his first show since “retiring” last summer.
Stay tuned to WrestlingHeadlines.com for more. For those who missed it, below are links to some of our original reports on the McMahon situation:
FULL COVERAGE OF THE VINCE MCMAHON – JOHN LAURINAITIS ALLEGATIONS AND FALLOUT:
– Vince McMahon Reaches Multi-Million Dollar Settlement with Rita Chatterton
– Backstage Notes on Vince McMahon from WWE HQ, Key Executive Returns?
– Vince McMahon Repeals Recent WWE Bylaw Amendments, New Class-Action Lawsuit Filed
– WWE Names Vince McMahon as Chairman Once Again; Comments from Vince, Nick Khan, Stephanie McMahon
– Stephanie McMahon Announces WWE Resignation
– Full Transcript from Today’s WWE Meeting Led By Stephanie McMahon, Nick Khan and Frank Riddick
– Backstage News from WWE Meeting, WWE Going Private Again?, Vince McMahon Notes, More
– WWE Holding Important Meeting Today, Wall Street Reacts to Vince McMahon’s Return to The Board
– Wall Street Reacts to Potential WWE Sale and Return of Vince McMahon
– Backstage Reactions to Vince McMahon Confirming His Plans for a WWE Return
– Vince McMahon Issues Statement and Details on Plans for WWE Return
– Vince McMahon Reportedly Planning WWE Return for a Major Sale
– Vince McMahon Scandal Hurt WWE’s Ability to Sell Sponsorships
– Backstage Talk on Vince McMahon’s Post-WWE Life
– WWE Says Vince McMahon’s Departure May Hurt the Company Creatively and Financially
– WWE Reveals $5 Million More In Payments Made By Vince McMahon
– Backstage Updates on WWE and John Laurinaitis, WWE’s Board of Directors Investigation
– Linda McMahon Comments on Vince McMahon’s WWE Retirement After Being Pressed By Reporter
– Vince McMahon WWE Stock Update, Vince’s WWE Ownership, Linda McMahon Note
– USA Network Looks Ahead to Big WWE Changes, USA on Fan Reactions to Triple H Taking Over Creative
– Top WWE Stars Jab at Vince McMahon’s Retirement on RAW
– What Triple H Promised to WWE Talents In Pre-RAW Backstage Meeting, More Backstage Notes
– Vince McMahon Facing Additional Investigations?, More on Vince’s Exit from WWE
– WWE Restates Financial Statements Due to Unrecorded Vince McMahon Expenses, Vince to Pay Money Back
– Backstage News on Brock Lesnar Working WWE SmackDown After Walking Out Earlier
– Stephanie McMahon and WWE Fans Send “Thank You” Message to Vince McMahon
– Read Vince McMahon’s Full Retirement Letter Sent to WWE Employees
– Brock Lesnar Officially Pulled from WWE SmackDown
– WWE to Replace Brock Lesnar at SummerSlam?, More on Lesnar’s Reaction to Vince McMahon’s Retirement
– Backstage News on Vince McMahon’s Retirement, Stephanie McMahon and Nick Khan’s New WWE Roles, More
– Brock Lesnar Reportedly Leaves SmackDown, Upset Over Vince McMahon’s WWE Retirement
– Vince McMahon Retires from WWE
– Triple H at WWE SmackDown, Backstage Talk on Triple H’s New Role, Bruce Prichard Update, More
– WWE Announces Triple H’s New Executive Role, Triple H Comments
– Netflix Reportedly Pulls Vince McMahon Project, Millions of Dollars Spent
– WWE Issues Internal Statement on Latest Vince McMahon Allegations
– Vince McMahon Reportedly Paid Millions of Dollars In “Hush Money” to Former Wrestler and Others
– News on Who Made the Decision to Name Stephanie McMahon as WWE’s Interim CEO & Chairwoman
– Stephanie McMahon Addresses Investigation Into Her Father During WWE HQ Meeting
– How Much Value WWE Has Lost Since Vince McMahon Scandal Broke, WWE Ratings Up Due to Buzz?
– WWE Now Facing Multiple Potential Class Action Lawsuits
– Vince McMahon Makes Surprise WWE RAW Appearance to Hype Big Return
– More Details On Vince McMahon’s Mood, Backstage Atmosphere At Friday’s WWE SmackDown
– Vince McMahon Opens Tonight’s WWE SmackDown, Video of the Segment
– Stephanie McMahon Sends Message to WWE Staff After Today’s Huge Announcement
– Vince McMahon Announced for WWE SmackDown
– Pat McAfee Reacts to Vince McMahon Allegations, Thinks We Will Never Get the Truth
Follow Marc on Twitter at @this_is_marc. Send any news, tips or corrections to us by clicking here.
The post Vince McMahon Makes Multi-Million Dollar Payment for WWE Special Committee Investigation appeared first on Wrestling Headlines.