The Chairman of the Board of Directors of World Wrestling Entertainment Inc. , Vince McMahon (left) and wrestler Triple H, in the ring during WWE Monday Night Raw at the Thomas & Mack Center on August 24, 2009
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The update comes after the detection of $14.6 million in previously unrecorded expenses paid by McMahonso is Retire from the company. The Wall Street Journal reported that the silent payments It was under investigation by federal prosecutors and the Securities and Exchange Commission.
McMahon, who retired as CEO and chairman of the company last month, is the company’s largest shareholder with a 32% stake. He bought the company from his father about 40 years ago and oversaw its growth into a global sports entertainment brand.
McMahon’s daughter, Stephanie McMahon, has taken over as co-CEO and Chairman of the Board, while her husband, Paul “Triple H” Levesque, is responsible for WWE’s creative content.
In its filing Tuesday night, WWE stated that the newly disclosed payment, which McMahon made in 2007 and 2009, was unrelated to the allegations of misconduct against McMahon. The board is currently overseeing an independent investigation into the past payments and allegations.
Previous payments news escalated WWE sale speculation. On Wednesday, following the latest news, WWE shares surged more than 1%, hitting a 52-week high.
WWE also said it won’t be able to file a quarterly report as scheduled this week due to unrecorded expense circumstances.
The company released preliminary results for the quarter on July 25 along with disclosing $14.6 million.