Vince McMahon has reimbursed the World Wrestling Entertainment Inc (WWE) $17.4 million to cover costs related to an investigation into his alleged sexual misconduct, according to documents filed with the SEC on March 20.
The paperwork shows that McMahon’s payment was made on Thursday, March 23 and it covered costs through January 31, 2023. Additionally, it states, “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,” meaning he’s agreed to pay any additional costs after that date.
In July 2022, The Wall Street Journal reported McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity. McMahon stepped away from his company while the investigation into the alleged sexual misconduct began.
Shortly after McMahon, who is credited for transforming WWE from a wrestling territory based in New England to a sports entertainment universe, retired as CEO and chairman of the company in July last year.
McMahon returned to the company and became the executive chairman in January when the investigation was complete. It is unknown if further action will be taken against McMahon.
WWE said earlier this year that it would explore strategic alternatives. “McMahon said he would involve himself in the company’s media rights acquisition process as it looks to capitalize on growing demand for content and live entertainment,” according to Reuters.