WWE reports additional expenses tied to Vince McMahon
2022.08.10 04:13
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FILE PHOTO: Vince McMahon, World Wrestling Entertainment, Inc. chairman, poses with his Hollywood Walk of Fame star during an unveiling ceremony in Hollywood March 14, 2008. REUTERS/Fred Prouser/File Photo
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(Reuters) – World Wrestling Entertainment Inc (NYSE:WWE) on Tuesday disclosed additional unrecorded expenses, now totalling $19.6 million, related to former Chief Executive Officer Vince McMahon.
The two additional payments, totaling to $5 million, were made in 2007 and 2009 and are unrelated to an investigation of his alleged misconduct by WWE’s board, the company said in a regulatory filing.
The investigation remains ongoing, the wrestling entertainment company said.
“The company has evaluated the unrecorded expenses and has determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable,” WWE said in the filing. It said all payments classified as “unrecorded expenses” were or will be paid by McMahon personally.
Last month, the company said it would revise its financial statements for the years ended 2019, 2020 and 2021, as well as the first quarter of 2022, after finding unrecorded expenses of $14.6 million made from 2006.
McMahon, 76, said in July he would retire as the company’s CEO and chairman, about a month after stepping back from those roles due to the investigation into alleged misconduct.
