As PWMania.com previously reported, according to WWE’s SEC filing, Vince McMahon has spent $14.6 million on “unreported expenses” since 2006.
As opposed to what he said on Friday on Twitter, McMahon resigned, not retired, according to the filing:
“On July 22, 2022, Vincent K. McMahon informed the Company and its Board of Directors (the “Board”) of his resignation from his positions as Chief Executive Officer, Chairman and director of the Company, effective immediately.”
The following was also mentioned in the WWE statement:
“The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.”
Tony Maglio of The Wrap reported the following:
“I’m told WWE is revising financial statements due to the potential “qualitative benefit” of the NDAs Vince had the women sign. The payments were wire transfers from Vince’s personal funds. The expenses will be recorded similarly to severance – a one-time expense.
The payments are being made on a schedule, hence the “future” payments alluded to in the 8-K. (Think the Bobby Bonilla/Mets deal. Except not as long and not that.) The expenses will not revise profits for two reasons.
1. They’re immaterial. $15 million is nothing to sneeze at, except it kind of is for a multi-billion-dollar company.
2. One-time expenses, like the severance pay example I referenced earlier, do not impact reported profitability.
Now, on that “qualitative benefit.” An example: Let’s say WWE was negotiating TV rights or sponsorship and the news came out. It could potentially hurt WWE. So by Vince paying the women off – even from personal funds – and having them sign an NDA, he’s benefitting the company.
(So no, he did not borrow company funds. That said, someone with more time than me can try to time up Vince’s stock sales with the payoff dates, see if there’s anything there. You can sell stock at almost any time, minus quiet periods.)
