WWE announced in their 3rd quarterly press release today that the investigation of Vince McMahon has been completed, and as a result, the Special Committee that was formed to conduct it has now disbanded. The section labeled “Special Committee Investigation” reveals that the investigation cost the company $19.4 million, over its 9-month lifespan. It also alludes to John Laurinaitis, who also left the company amidst alleged executive misconduct, but interestingly enough, does not do so by name despite it being mentioned in previous releases.
As WWE announced today the special committee has been disbanded following the completion of their investigation into Vince McMahon.
A WWE spokesman said Vince was “done, done” & would not be returning to the roles taken over by Triple H (Fightful)
We are indeed in the clear. pic.twitter.com/HUtu5yflOD
— Wrestle Ops (@WrestleOps) November 2, 2022
“As previously announced, a Special Committee of independent members of the Board of Directors was formed to investigate alleged misconduct by Vincent K. McMahon, the Company’s former Chairman and Chief Executive Officer, who resigned from all positions held with the Company on July 22, 2022, but remains a stockholder with a controlling interest, and another executive, who is also no longer with the Company. The Special Committee investigation is now complete and the Special Committee has been disbanded. Management is working with the Board to implement the recommendations of the Special Committee related to the investigation.” For the three and nine-month periods ended September 30, 2022, the Company’s consolidated pre-tax results include the impact of $17.7 million and $19.4 million, respectively, associated with certain costs related to the investigation.”
Read More: Vince McMahon Retires from WWE
Additional Notes
Additional notes go on to state that “The Company’s business model and expected results will continue to be subject to significant execution and other risks,” including (but not limited to) “risks related to the resignation of Vincent K. McMahon and the potential impact of the investigation of alleged executive misconduct.” For the layman, it’s a fancy way of saying that the company has no way to predict how the investigation will continue to affect them going into the 4th quarter. It remains to be seen what the recommendations from the committee were, or how strictly management in the company follows them following it. It would seem the WWE/Vince McMahon situation is all finally coming to some sort of end.
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