Federal agents raided WWE boss Vince McMahon on July 17, SEC filing reveals
However, it is worth noting that no charges were brought against him in relation to this matter
August 02, 2023
Making a belated disclosure, World Wrestling Entertainment (WWE) Wednesday revealed that US federal law enforcement agents carried out a search warrant and served a subpoena to the company's Executive Chairman, Vince McMahon, the previous month, Reuters reported.
However, it is worth noting that no charges were brought against him in relation to this matter.
According to The Sun, a raid was conducted on McMahon, 77, on July 17 in response to multiple alleged payments made after being accused by multiple women of sexual misconduct.
As per CNBC, in their SEC filing on Wednesday, the WWE said: "It has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters".
During the announcement of its second-quarter results on the same day, WWE shared that Vince McMahon has been on medical leave since July 11 due to a significant spinal surgery.
Previously serving as CEO and Chairman, Vince McMahon returned to the company's board in January with the objective of facilitating a deal with the mixed martial arts franchise UFC, which is owned by Endeavor Group.
The plan was to establish a new publicly listed entertainment giant with an estimated valuation of around $21 billion.
He was investigated by WWE's board for 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's second-quarter revenue rose 25% to $410.3 million from a year earlier, above estimates of $398.9 million, according to Refinitiv data. Its profit of 91 cents per share was also in-line with estimates.
Shares of the company were up nearly 2% in premarket trading, after having risen roughly 52% this year.
Revenue from WWE's Live Events segment jumped 51%, thanks to strong demand for its domestic and international events such as WrestleMania, Backlash and Night of Champions.
