In a statement to company shareholders today the WWE Board of Directors announced that through their misconduct investigation into the actions of former Chairman and Chief Executive Officer, Vincent K. McMahon, they have uncovered more unrecorded expenses.
“The WWE has determined that two additional payments totaling $5.0 million, unrelated to the allegations that led to the special committee investigation, that Mr. McMahon made in 2007 and 2009 should have been recorded in the company’s consolidated financial statements,” said the WWE in a statement.
All told, these unrecorded expenses by McMahon total $19.6 million.
Previously, the WWE had announced in their preliminary findings that McMahon had made unaccounted payments totaling $14.6 million from 2006 through 2022.
Due to the unrecorded expenses by McMahon, the WWE will revise its previously issued financial statements for the years 2019, 2020 and 2021, as well as the first quarter of 2022, when it issues its financial statements for the second quarter of 2022.
The WWE board, the Securities and Exchange Commission, federal prosecutors and independent legal agencies are all now investigating the alleged hush money payments McMahon made to several women in order to keep the details of their relationship a secret as well as alleged misconduct by former head of talent relations, John Laurinaitis.
The statement also officially recognizes and confirms the news that Laurinaitis does not work for the company any longer.