Vince McMahon has some serious paying back to do.
In a recent SEC filing, WWE announced that the Chairman of the Board will personally be paying back $17.4 million that the company spent during its investigation into the allegations of sexual misconduct against him. The agreement between the two sides will see McMahon pay all of the costs associated with the investigation.
Many of you know by now that Vince McMahon made hush payments to several women to cover up sexual harassment and affairs. The allegations resulted in McMahon resigning with WWE in July of last year. In January of this year, he returned to the WWE Board of Directors in an effort to explore a potential sale of the company.
You can check out the official SEC filing below:
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.
