The World Wrestling Entertainment (WWE) announced that they have uncovered $5 million in unrecorded payouts of Vince McMahon. An unbiased probe was carried out and funds of $5 million were further recovered, bringing the overall unrecorded expenses to $19.6 million. 

In last month’s Securities and Exchange Commission (SEC) filing by WWE, the company found discrepancies in the payouts made by Vince McMahon from 2006 to 2022. The company officials found that $14.6 million in payouts were not recorded as expenses in the company’s financial statements. 

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Vince McMahon announced his retirement on July 22 via Twitter soon after the news of him being investigated broke. He had been serving as the chairman and CEO for four decades. McMahon is currently under investigation by WWE’s Board of Directors, federal prosecutors and the SEC. 

The company also acknowledged that an unbiased board is investigating him for his misconduct and subsequent unrecorded payouts to women. But he remains a major stockholder in WWE. Soon after his resignation, WWE announced Stephanie McMahon and Nick Khan as co-CEOs. Stephanie McMahon, who is Vince’s daughter, was appointed chairwoman of the board and Nick Khan continues to serve as a board member.

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The Special Committee investigation is also ongoing and the company said “it expects to conclude that its disclosure controls and procedures and inner management over monetary reporting weren’t efficient on account of a number of material weaknesses”. The Company evaluated the Unrecorded Expenses and said 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”. 

According to the reports of PWInsider, Vince McMohan has not been attending any of the meetings post his resignation and that he might have been removed from the company’s internal list of members.