World Wrestling Entertainment (WWE) confirmed Wednesday that U.S. federal law enforcement agents last month executed a search warrant and served a subpoena to executive chairman Vince McMahon.
The twin actions are an escalation of an ongoing investigation into allegations McMahon paid millions of dollars over the years to women after being accused of sexual misconduct.
No charges have been brought against him in the interim.
Reuters reports WWE, which has just announced its second-quarter results, said McMahon has been on a medical leave since July 11 after a major spinal surgery.
Ex-CEO and chairman McMahon returned to the company’s board in January to help forge a deal with Endeavor Group-owned mixed martial arts franchise UFC to deliver a new, publicly listed entertainment giant valued at about $21 billion, as Breitbart News reported.
He had retired in July last year amid allegations of misconduct.
File/Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey. (Michael N. Todaro/Getty Images)
In March, McMahon reimbursed the WWE $17.4 million for costs associated with the board’s subsequent misconduct investigation. Costs associated with the investigation have continued to be incurred.
In a footnote Wednesday the Stamford, Connecticut, company disclosed McMahon’s medical leave of absence will be “until further notice.”
“On July 21, 2023, Mr. McMahon went on medical leave after undergoing major spinal surgery,” the company wrote. “Mr. McMahon will remain on medical leave until further notice but will remain Executive Chairman of the Company.”
WWE on Wednesday said during the three and and six months ended June 30, “the Company incurred $5.3 million and $7.1 million, respectively, of expenses related to costs incurred” in connection with a separate investigation of McMahon’s alleged misconduct conducted by a special committee set up by the company’s board, CNBC reports.
A WrestleMania sign hangs over the crowd during the WWE Monday Night RAW event, Monday, March 6, 2023, in Boston. (AP Photo/Charles Krupa)
File/Donald Trump, Stone Cold Steve Austin and WWE Chairman Vince McMahon (Jamie McCarthy/WireImage)
McMahon was investigated by WWE’s board for alleged agreements to pay $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Street Journal reported in June last year.
McMahon is credited with transforming WWE from a regional player in a highly fragmented industry of the 1980s to a global giant.
WWE stars have gone on to become crossover sensations, including Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.
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