Vince McMahon Stepping Down as WWE Chairman? – The past year has been tumultuous for Vince McMahon, WWE, and its fans. McMahon was initially forced to step down from his role in the company due to a hush money scandal but later returned in January. WWE then agreed to be acquired by Endeavor and merged with the UFC to form TKO Group Holdings.
The merger proceeded despite ongoing federal government investigations into McMahon’s payments related to the hush money scandal, which were not properly recorded in WWE’s annual accounts. McMahon reportedly paid over $14.6 million to multiple women, including former WWE employees, to keep allegations of sexual misconduct and infidelity quiet dating back to 2006. An additional $5 million was paid to the Donald Trump Foundation for Trump’s television appearances in 2007 and 2009.
A federal grand jury issued a subpoena to McMahon on July 17, and a search warrant was executed by federal authorities. However, no charges have been filed against him at this time.
Jacob Frenkel, Chair of Dickinson Wright’s Government Investigations & Securities Enforcement Practice Group and a former senior counsel in the SEC’s Division of Enforcement, has expressed that McMahon could potentially face criminal or civil liabilities as a result of the investigations, which could ultimately lead to his removal from his WWE role.
“Depending on the potential findings following the inquiry into Vince McMahon, McMahon could face criminal and/or civil liabilities that could prevent him from serving as an officer or director of a public company,” Frenkel stated.
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Vince McMahon Stepping Down as WWE Chairman?
