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HomeWWE discloses $5 million in McMahon funds, delays earnings report

WWE discloses $5 million in McMahon funds, delays earnings report

World Wrestling Leisure Inc. Chairman Vince McMahon (L) and wrestler Triple H seem within the ring throughout the WWE Monday Night time Uncooked present on the Thomas & Mack Middle August 24, 2009

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Ethan Miller | Getty Pictures Leisure | Getty Pictures

World Wrestling Leisure disclosed one other $5 million in funds made by former CEO Vince McMahon and delayed its earnings report, according to an SEC filing.

The replace comes after a disclosure of $14.6 million in beforehand unrecorded bills paid out by McMahon, and his retirement from the corporate. The Wall Road Journal had reported that the hush funds had been underneath investigation by federal prosecutors and the Securities and Trade Fee.

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McMahon, who retired as CEO and chairman of the corporate final month, is the most important shareholder of the corporate with a 32% stake. He purchased the corporate from his father about 40 years in the past and oversaw its development into a world sports activities leisure model.

McMahon’s daughter, Stephanie McMahon, took over as co-CEO and chairwoman, whereas her husband Paul “Triple H” Levesque, is now answerable for WWE’s artistic content material.

In its submitting Tuesday night, WWE acknowledged that the 2 newly disclosed funds, made by McMahon in 2007 and 2009, are unrelated to allegations of misconduct towards McMahon. The board is presently overseeing an impartial investigation of the earlier funds and allegations.

Information of the earlier funds heightened hypothesis of a WWE sale. On Wednesday, following the newest information, WWE shares rose greater than 1%, hitting a 52-week excessive.

WWE additionally mentioned it will likely be unable to file its quarterly report as scheduled this week as a result of circumstances of the unrecorded bills.

The corporate launched preliminary outcomes for the quarter on July 25 alongside the $14.6 million disclosure.

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