As soon as the Wall Street Journal published their exposé on July 8th, allegations that McMahon had made these payments started to circulate. The story around Vince McMahon’s hush money scandal continues.
Following the disclosure of hush money payments to numerous women, Vince McMahon was essentially thrown out of the company that he built into a global brand. He had spent $14.6 million between 2006 and 2022 to purchase their silence, which the Wall Street Journal had revealed.
However, it has now been disclosed by an SEC filing that an additional $5 million worth of payments were made in 2007 and 2009, and due to these being unrecorded, the company will now be filing its quarterly report late.
As a result of his alleged inappropriate actions, the former WWE CEO and Chairman has now had to pay out a total of $19.6 million.
The Special Committee was “doing an inquiry into alleged misconduct” of McMahon, according to a statement WWE provided to the SEC on Tuesday. McMahon resigned as CEO on July 22 while the probe was ongoing.
“Since then, we have made a tentative determination that the expense has not been properly recorded in our consolidated financial statements.
“Unrelatedly determined that it was necessary to record two additional payments totaling $5 million made by Mr. McMahon in 2007 and 2009.
“These unrecorded expenses totaled $19.6 million (“Unrecorded Expenses”).
“The Company evaluated unrecorded costs and determined that such amounts should be recorded as costs. Each period in which they became probable and estimable
“All payments underlying unrecorded expenses have been or will be paid personally by Mr. McMahon. The Special Committee investigation is still ongoing.”
Vince McMahon’s reputation has nearly been destroyed by this continuous issue. The public’s perception of professional wrestling was already not the most esteemed form of entertainment before McMahon’s hush money payments and claims of sexual misbehavior made their way into mainstream media.