WWE recently announced, via a brand-new SEC filing, that the Special Committee investigation on Vince McMahon has now ended and the Special Committee that did the investigation has been disbanded. It was also reported on the SEC filing that WWE’s Board of Directors is working with Management to implement the recommendations of the Special Committee given during the investigation and McMahon’s resignation could adversely affect WWE’s ability to create popular characters and creative storylines or it could otherwise adversely affect the company’s operating results.
There was also a mention that Vince McMahon is still the biggest shareholder in WWE and his daughter, Stephanie McMahon, is the co-CEO, but Mr. McMahon can effectively exercise control over our affairs,” which has led to speculation that Vince could still return to the company, though a spokesperson said Vince is “done, done,” and will not be returning to the company any longer following his retirement.
Another higher-up in WWE pointed to how the promotion’s morale has been the highest they have seen in a decade and another person said that while they initially had reservations, hesitations and fears in regards to Vince’s departure and a potential quick return, that is no longer the case. This person in the WWE even said that a return would be a major step back for WWE and that the filing instilled even more confidence in those that thought Vince McMahon leaving would be a blow to the company as the WWE reported a massive 57% increase in stocks through Wednesday’s close.
Vince McMahon retired from WWE this past July after the former CEO had paid out nearly $20 million in previously unrecorded expenses, almost $15 million of which were hush money for the sexual misconduct allegations he received from four women over the past 16 years and $5 million to former United States President Donald Trump’s now-defunct foundation through donations in 2007 and 2009. WWE has suggested that the hush money payments paid by Vince McMahon were under investigation by other entities.
