The World Wrestling Entertainment (WWE) executive chairman Vince McMahon was served with a federal grand jury subpoena, along with a search warrant last month, according to the company’s latest earnings report. The details of the subpoena and the search warrant are, however, still not in public domain. The actions are understood to be consequences of an ongoing investigation into the alleged payment from McMahon to a departing female employee following their rumoured affair. It is being learnt that no charges have yet been filed against the WWE executive chairman.
“WWE has cooperated throughout and fully understands and respects the government’s need for a complete process,” the company said in a statement.
WWE had also conducted their own investigation into this matter and the inquiry came to an end last year. “In 2022, WWE formed a special committee to review allegations of misconduct against me. That review was concluded in November 2022 following an extensive investigation. Throughout this experience, I have always denied any intentional wrongdoing and continue to do so. I am confident that the government’s investigation will be resolved without any findings of wrongdoing,” the Associated Press quoted McMahon saying in a statement.
In a separate statement provided to CNBC, Vince McMahon said, “I have always denied any intentional wrongdoing and continue to do so. I am confident that the government’s investigation will be resolved without any findings of wrongdoing.”
WWE CEO Nick Khan had announced yesterday that McMahon would be taking medical leave from the wrestling promotion. The announcement of McMahon’s leave came nearly two weeks after WWE executive chairman’s major spinal surgery. The 77-year-old’s leave is believed to have started from July 21. Though, there is no official word yet on the duration of McMahon’s leave.
WWE is expected to merge with Endeavor Group-owned franchise UFC to set up a new company. The brand-new company will reportedly be controlled by the Endeavor Group. Reuters reported earlier this year in April that the companies claimed the newly formed entity was valued at somewhere around $21 billion. The news agency suggested that Vince McMahon will hold on to his position in the new company. The Endeavor Group will reportedly hold 51 per cent of the stake in the new company and the WWE investors will own the remainder. The merger will reportedly be completed in the second half of this year.
WWE is currently finalizing its matches for this weekend’s SummerSlam scheduled to take place at the Ford Field in Detroit. The Undisputed WWE Universal Champion Roman Reigns will defend his title against Jey Uso at the SummerSlam this year. In the women’s segment, Bianca Belair and Charlotte Flair will aim to snatch the Women’s Championship from title holder Asuka at SummerSlam 2023.
