WWE: HHH takes over creative and things look like it just got worse for Vince
Posted by
Remlik (aka Remlik)
Jul 25 '22, 07:50
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he potential fallout for Vince McMahon, who officially retired from his WWE responsibilities and positions this past Friday just got an entire world of worse and may explain the quick farewell for McMahon on and off WWE programming last week.
WWE issued a corporate filing with the SEC this morning, announcing in short, that it has determined that Vince McMahon's payouts (obviously in reference to the NDAs for women) in the past should have been recorded as official company expenses, stating in the filing that it “has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made.”
If the company is citing that the NDA-related payoffs should have been recorded as company expenditures, that means they believe McMahon was using company money for his own personal benefit. That certainly opens the door for a lot more potential legal action against McMahon and/or the company from WWE shareholders and potentially even criminal liability.
WWE noted they will be revising their financial statements and noted they plan to issue revised financial statements by 8/9, but “there is no assurance that it will be able to meet this deadline.”
McMahon made over 12 million dollars in payments to women he either allegedly harassed or became involved in sexual relationships with in order for their silence via NDAs, according to Wall Street Journal reporting. They had been working on additional stories and Real Sports with Bryant Gumbel has also been preparing a potential story.
WWE's filing today listed $14.6 million in expenses.
Obviously, more to come but this explains the quick three minute Stephanie McMahon segment on Smackdown. As a corporation, WWE had to cut all ties immediately.
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