Kemo
08-10-2022, 05:24 PM
WWE announced in an SEC filing that it has uncovered an additional $5 million in unrecorded payments directly connected to Vince McMahon.
Because of this, they will be delaying filing their quarterly financial report. The payments were made in 2007 and 2009.
WWE previously announced that they had to file for $14.6 million in unrecorded expenses made by McMahon from 2006-2022. They would also have to re-do previous quarterly financial reports going back several years.
“Since that time, the Company 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,” the filing stated.
“Together, these unrecorded expenses total $19.6 million (the ‘Unrecorded Expenses’). The Company has evaluated the Unrecorded Expenses and has determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable. All payments underlying the Unrecorded Expenses were or will be paid by Mr. McMahon personally. The Special Committee investigation remains ongoing.”
The new filing also confirms John Lauranaitis’s departure from WWE, as reported on Monday.
The payments previously discovered were directly linked to the accusations against McMahon for paying multiple former female employees to keep alleged sexual misconduct quiet.
Despite McMahon resigning, he is still being actively investigated by the WWE Board of Directors.
Because of this, they will be delaying filing their quarterly financial report. The payments were made in 2007 and 2009.
WWE previously announced that they had to file for $14.6 million in unrecorded expenses made by McMahon from 2006-2022. They would also have to re-do previous quarterly financial reports going back several years.
“Since that time, the Company 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,” the filing stated.
“Together, these unrecorded expenses total $19.6 million (the ‘Unrecorded Expenses’). The Company has evaluated the Unrecorded Expenses and has determined that such amounts should have been recorded as expenses in each of the periods in which they became probable and estimable. All payments underlying the Unrecorded Expenses were or will be paid by Mr. McMahon personally. The Special Committee investigation remains ongoing.”
The new filing also confirms John Lauranaitis’s departure from WWE, as reported on Monday.
The payments previously discovered were directly linked to the accusations against McMahon for paying multiple former female employees to keep alleged sexual misconduct quiet.
Despite McMahon resigning, he is still being actively investigated by the WWE Board of Directors.