Last month, federal law enforcement agents conducted a search at the residence of Vince McMahon, th🐷e CEO of World Wrestling Entertꦬainment (WWE). On Wednesday, the company revealed that he was also served with a federal grand jury subpoena during the operation.
The recent actions indicate a progression in t🐈he ongoing inquiry into claims that McMahon paid substantial amounts to wome🌌n over the years, following allegations of sexual misconduct. Furthermore, WWE disclosed that McMahon took medical leave due to a significant spinal surgery.
According to the company's quarterly report to the Securities and Exchange Commission, McMahon commenced his medical leave on July 21. During this period, he will continue 🦹to hold the position 𝄹of Executive Chairman at WWE. However, there is no specified date for his return, and he will remain on medical leave until further notice.
In April, WWE reached an agreement to merge with its rival UFC, creating a new publicly traded company that will be under the control oꦚf Endeavor Group.
Both WWE and Endeavor anticipatꦺe the completion of the merger in the latter half of this year, as stated on Wednesdaꦓy.
A yea༺r after initial reports of federal prosecutors and the SEC investigating WWE and McMahon regarding his payments to women, a search warrant and subpoena were issued on July 17th.
In a filing with the SEC on Wednesday, WWE stated that it has been presented with both voluntary and compulsory requests for documents. These requests come from various federal law enforcement and regulatory agencies🦹 and pertain to the ongoing investigation and related matters.
McMahon's federal search warrant and grand jury subpoena came to light merely a day after Trump, a close associate of McMahon's for many years, faced indictment by a✨ federal grand jury in Washington, D.C. The charges against Trump were grave felonies linked to his attempts to overturn the 2020 presidential election results in his favor.
On Wednes🍒day, WWE announced that they had incurred expenses of $5.3 million and $7.1 million during the three and six months ending on June 30, respectively. These expenses were associated with costs related to a separate ๊investigation conducted by a special committee formed by the company's board.
The company emphasized that McMahon has committed to bearing all reasonable expenses related to the special committee's efforts and will duly reimburse WWE accordingly.
