Kemo
03-27-2023, 02:06 AM
WWE and Vince McMahon have agreed on how much he will need to pay back over the sexual misconduct investigation against the current Executive Chairman of the WWE Board of Directors.
WWE recently submitted an SEC filing noting that McMahon has reimbursed WWE for $17.4 million in costs related to the sexual misconduct investigation. The filing noted:
“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.”
Last June, it was reported by the Wall Street Journal that McMahon was being investigated by the WWE Board over alleged sexual misconduct and hush money, later leading to his retiring as CEO in July.
However, McMahon forced his way back into the company because he was the controlling shareholder and named himself the Chairman in January.
WWE revealed a total of $19.6 million in unrecorded expenses by McMahon in an SEC filing last August. The investigation came to a close in November.
Days after McMahon’s return, WWE announced they had engaged with outside advisors to develop strategic alternatives concerning upcoming media rights negotiations for Raw and SmackDown, including a potential sale of the company ahead of the media rights talks.
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WWE recently submitted an SEC filing noting that McMahon has reimbursed WWE for $17.4 million in costs related to the sexual misconduct investigation. The filing noted:
“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.”
Last June, it was reported by the Wall Street Journal that McMahon was being investigated by the WWE Board over alleged sexual misconduct and hush money, later leading to his retiring as CEO in July.
However, McMahon forced his way back into the company because he was the controlling shareholder and named himself the Chairman in January.
WWE revealed a total of $19.6 million in unrecorded expenses by McMahon in an SEC filing last August. The investigation came to a close in November.
Days after McMahon’s return, WWE announced they had engaged with outside advisors to develop strategic alternatives concerning upcoming media rights negotiations for Raw and SmackDown, including a potential sale of the company ahead of the media rights talks.
1639391155405168643