Ex-WWE chief McMahon pays back US$17.4 million in investigation costs

WORLD Wrestling Entertainment Inc (WWE) said on Friday (Mar 25) that executive chairman Vincent McMahon had paid US$17.4 million to the company to cover costs related to an investigation into his alleged misconduct.

McMahon, credited with transforming WWE from a regional player to a global giant, retired as CEO and chairman of the company in July last year. He returned to the board in January, after the probe was wrapped up.

The Wall Street Journal had reported that he was being investigated by the board for agreements to pay US$12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.

WWE said in January that it would explore strategic alternatives. McMahon said he would involve himself in the company’s media rights acquisition process as it looks to capitalize on growing demand for content and live entertainment. REUTERS