WWE chief Vince McMahon to retire amid probe into misconduct claims

Apr 3, 2022; Arlington, TX, USA; WWE proprietor Vince McMahon enters the world throughout WrestleMania at AT&T Stadium. Necessary Credit score: Joe Camporeale-USA TODAY Sports activities – 18017456

July 22 (Reuters) – World Wrestling Leisure Inc’s (WWE.N) Vince McMahon stated on Friday he would retire as the corporate’s chief govt and chairman, a couple of month after stepping again from these roles attributable to an investigation into his alleged misconduct.

McMahon, 76, was being investigated by the board for agreements to pay $12 million over the previous 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Avenue Journal had beforehand reported. https://on.wsj.com/3PtSOdb

McMahon final month pledged to help WWE’s investigation. He didn’t deal with the probe in Friday’s assertion.

WWE, which produces and distributes weekly wrestling reveals “Uncooked” and “Smackdown”, named his daughter, Stephanie McMahon, because the interim head in June.

Vince McMahon has been the powerhouse behind the wrestling leisure firm, reworking it from a regional participant in a extremely fragmented business of the Nineteen Eighties to a world large, with about $1 billion in income in 2021.

He used scripted matches, celeb wrestlers and glitz to make the model extra acceptable to tv audiences and created the idea of pay-per-view matches for larger occasions akin to “WrestleMania” to construct its income base.

The corporate was additionally dogged by controversies beneath his stewardship, together with prices of steroid use.

“Our world viewers can take consolation in realizing WWE will proceed to entertain you with the identical fervor, dedication, and keenness as all the time,” the departing firm chief stated in a press release.

“As the bulk shareholder, I’ll proceed to help WWE in any means I can.”

McMahon was the highest trending subject on Twitter in america, with many WWE followers expressing shock on the sudden announcement.

WWE declined to touch upon McMahon’s retirement and didn’t reply to requests for remark concerning the probe.

The corporate’s shares are up 34% for the yr because it advantages from the return of audiences at its reside occasions.

Reporting by Yuvraj Malik and Niket Nishant in Bengaluru; further reporting by Abhijith Ganapavaram; Modifying by Krishna Chandra Eluri and Anil D’Silva

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