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Feds Hit Vince McMahon With Subpoena And Search Warrant, WWE Reveals
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Ubiquitous
Aug 4, 2023, 8:21:08 AM8/4/23
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World Wrestling Entertainment boss Vince McMahon was the target of a federal
search warrant and a grand jury subpoena, according to a statement from the
corporation on Wednesday.
A report published by CNBC tied the subpoena and the search warrant – which
was reportedly executed on July 17 by federal law enforcement – to the
allegations against McMahon regarding payments he reportedly made to a number
of women following accusations of sexual impropriety.
The search came one year after the U.S. Securities and Exchange Commission
and federal prosecutors launched an investigation into the payments, which
were disclosed by the WWE just days after McMahon retired as CEO. At the
time, the WWE reported $14.6 million in expenses that were paid out
personally by McMahon — none of which had been recorded previously. He still
serves as executive chairman of the company.
In addition to the news about the search and subpoena, the WWE revealed that
McMahon is currently on medical leave due to his recent spinal surgery – and
he was expected to remain on leave for some time.
“[McMahon] went on medical leave after undergoing major spinal surgery,” the
report said, adding that he would “remain on medical leave until further
notice but will remain Executive Chairman” of the corporation.
The WWE also noted that the corporation “has received voluntary and
compulsory legal demands for documents, including from federal law
enforcement and regulatory agencies, concerning the investigation and related
subject matters.”
“We continue to fully cooperate with any investigation. Outside of that we
are not going to comment on any legal matter,” CEO Nick Khan said. No charges
have yet been brought against McMahon or the corporation.
The WWE is still expected to merge with the UFC to form a new company
controlled by The Endeavor Group. That merger is expected to take place later
this year, according to the WWE’s latest report. According to ESPN, Endeavor
will own 51% of the new company. Those who currently own shares in the WWE
shareholders will hold 49% of the new company.
--
Let's go Brandon!
search warrant and a grand jury subpoena, according to a statement from the
corporation on Wednesday.
A report published by CNBC tied the subpoena and the search warrant – which
was reportedly executed on July 17 by federal law enforcement – to the
allegations against McMahon regarding payments he reportedly made to a number
of women following accusations of sexual impropriety.
The search came one year after the U.S. Securities and Exchange Commission
and federal prosecutors launched an investigation into the payments, which
were disclosed by the WWE just days after McMahon retired as CEO. At the
time, the WWE reported $14.6 million in expenses that were paid out
personally by McMahon — none of which had been recorded previously. He still
serves as executive chairman of the company.
In addition to the news about the search and subpoena, the WWE revealed that
McMahon is currently on medical leave due to his recent spinal surgery – and
he was expected to remain on leave for some time.
“[McMahon] went on medical leave after undergoing major spinal surgery,” the
report said, adding that he would “remain on medical leave until further
notice but will remain Executive Chairman” of the corporation.
The WWE also noted that the corporation “has received voluntary and
compulsory legal demands for documents, including from federal law
enforcement and regulatory agencies, concerning the investigation and related
subject matters.”
“We continue to fully cooperate with any investigation. Outside of that we
are not going to comment on any legal matter,” CEO Nick Khan said. No charges
have yet been brought against McMahon or the corporation.
The WWE is still expected to merge with the UFC to form a new company
controlled by The Endeavor Group. That merger is expected to take place later
this year, according to the WWE’s latest report. According to ESPN, Endeavor
will own 51% of the new company. Those who currently own shares in the WWE
shareholders will hold 49% of the new company.
--
Let's go Brandon!
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