The hush money scandal forced Vince McMahon to resign from his position at WWE last year, but he forced his way back in January and later agreed to be bought by Endeavour and combine WWE and the UFC into the TKO Group Holdings business. As a result, it has been an eventful year for McMahon, the company, and its fans.
Despite inquiries by the federal government into payments made by McMahon in connection with the hush money controversy last summer that weren’t disclosed in WWE’s annual reports, the merger was consummated.
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Vince McMohan Might No Longer Serve As WWE Chairman
Several women, including former WWE employees, claim that McMahon paid them at least $14.6 million to keep silent about claims of sexual misbehaviour and infidelity since 2006. The Donald Trump Foundation also received an additional $5 million for Donald Trump’s television appearances in 2007 and 2009.
Despite the fact that no charges have yet been brought against McMahon, the federal government issued and carried out a search warrant after a federal grand jury approved a subpoena to him on July 17.
According to Jacob Frenkel, a former senior counsel in the SEC’s Division of Enforcement and chair of Dickinson Wright’s Government Investigations & Securities Enforcement Practise Group, McMahon might be subject to criminal or civil penalties that would make him lose his position as WWE president.
Vince McMahon “could face criminal and/or civil liabilities that could prevent him from serving as an officer or director of a public company, depending on the potential findings following the investigation into McMahon.”
Former WWE board member Ignace Lahoud resigned after Vince was compelled to rejoin the organisation in January.
Despite knowing the board was doing its duty, according to a person close to one of the exposed directors, McMahon believed its probe to be an act of treachery.
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