Vince McMahon, the chairman and mastermind of World Wrestling Entertainment is also its founder.
McMahon was accused of sexual misconduct by women who worked with him and of buying their silence through company money. Initially, the accusations forced him to leave, and his daughter Stephanie McMahon Levesque eventually took over.
CNBC reported on Wednesday that McMahon announced the latest developments regarding his legal case. CNBC reported that federal agents had executed “a search order last month against World Wrestling Entertainment Chief Vince McMahon, and served him with a federal grand jury subpoena.”
WWE announced on Wednesday that McMahon was “on medical leave” following major back surgery.
McMahon started his medical leave on 21 July. He will “remain on medical leave until further notice but will remain the executive chairman” at WWE. The company stated this in its quarterly filing with the Securities and Exchange Commission.
WWE is cooperating and has a good understanding of and respect for the government’s desire to conduct a thorough investigation.
McMahon stated in a CNBC separate statement: “I deny all wrongdoing.” “I am confident that the government’s investigation will conclude without any findings of wrongdoing.”
WWE and UFC are merging. The Endeavor Group will control the new company. It is expected to close the deal by the end of this year.
McMahon has agreed to reimburse his company for the costs incurred in the investigation.
WWE announced on Wednesday that it incurred expenses in the amount of $ 5.3 million during the third quarter and $ 7.1 million over the six months ending June 30. The costs were incurred due to a separate investigation by a special committee created by the board.
The company said that McMahon agreed to reimburse WWE for “all reasonable expenses” incurred in connection with the committee’s work.
In the filing, it was stated, “Mr. McMahon had paid the Company approximately $17.4 million to reimburse them for costs they incurred and paid. ”
McMahon began his investigation about a year ago when women working for WWE accused him of sexual misconduct. McMahon denied any wrongdoing, but he did briefly leave the company before returning. Fans were curious as to what went on behind closed doors.