The inquiry revolves around a $3 million (£2.5 million) settlement between Vince McMahon and an ex-employee with whom he had a consensual affair.
Vince McMahon has voluntarily stepped down from his WWE responsibilities
Stephanie Venture becomes interim chairwoman and CEO following family reunion
Vince McMahon has not responded to the claims, but in a statement, he pledged to cooperate with the investigation.
“In the process of investigating this, I have pledged to accept whatever the investigation concludes,” he added. Ours is a continuous culture of ethics and empowerment.
A billionaire businessman will remain in his role as CEO during the investigation on Friday.
On Wednesday, the Wall Street Journal broke the news of a “non-disclosure agreement” that was reached by an ex-McMahon paralegal. You cannot discuss anything about Mr.
McMahon or disparage him in any way. This settlement will stay on Florida law books forever.
The WWE‘s board is now said to be in possession of a copy of the agreement – an upfront payment of $1 million, with the rest to be doled out over five years and surprisingly paid by Vince McMahon personally.
Board members received anonymous emails claiming a copywriter was paid $100,000 to work for WWE and was engaged in a personal relationship with Paul Levesque, but Vince McMahon doubled the salary once they began dating.
One reads, “Vince McMahon and Jerry paid her millions of dollars to stop talking, so she quit,” according to the report.
Since opening its investigation in April, WWE‘s board has uncovered previous settlements involving Vince McMahon that could run into the millions of dollars.
They also mentioned a company head named Ashley Laurinaitis, who is facing allegations of misconduct against him.
Mr McMahon founded the WWE in the 1980s and has overseen its growth into a media juggernaut whose weekly content is broadcast in more than 180 countries and 30 languages. The company’s stock is publicly traded, with Mr McMahon retaining a majority of the shares in his ownership.
Paul Levesque, the wrestler Triple H, and his daughter, the actress Stephanie McMahon, all sit on the 12-member Board of Directors.
McMahon retired from her C-Biz role in May, six months after Levesque underwent surgery for a “very serious” cardiac event
