article-img

Vince McMahon Likely To Be Forced Down As WWE Chairman Following Federal Govt Investigation

1 years ago By Sports Desk

The past year has been quite eventful for Vince McMahon, WWE, and its fans. McMahon had to step away from his role in the company due to a scandal involving secret payments. However, he managed to return in January and later agreed to merge WWE with the UFC under the TKO Group Holdings company.

This merger went through, even though the federal government was investigating McMahon’s undisclosed payments related to the scandal that occurred last summer. These payments were not included in WWE’s annual financial reports.

It is alleged that McMahon paid over $14.6 million to several women, including former WWE employees, to keep them from talking about accusations of sexual misconduct and infidelity dating back to 2006. Additionally, he paid $5 million to the Donald Trump Foundation for Trump’s appearances on television in 2007 and 2009.

On July 17, federal authorities executed a search warrant after a federal grand jury approved a subpoena for McMahon. However, as of now, no charges have been filed against him.

Jacob Frenkel, the Chair of Dickinson Wright’s Government Investigations & Securities Enforcement Practice Group and a former senior counsel in the SEC’s Division of Enforcement, explained to the LA Times that McMahon might face legal consequences, possibly leading to his removal from his role at WWE.

“Depending on the outcomes of the investigation into Vince McMahon, he could potentially face criminal and/or civil penalties that might disqualify him from serving as an officer or director of a public company.”

In January, when Vince McMahon forcefully returned to the company, Ignace Lahoud, a former WWE board member, resigned. He explained his departure, saying, “It didn’t align with my understanding of good governance, and there was a disconnect with my values.”

Lahoud also mentioned, “He [McMahon] said, ‘Okay, do whatever you guys need to do. I’m not going to stand in your way.’ Of course, when the board suggested that he step down, he wasn’t pleased about it, but he complied.”

Someone close to one of the former board members who left the company stated that McMahon perceived the investigation as an act of disloyalty, despite understanding that the board was simply fulfilling its duties.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
More Recommendations
Unlock a World of Endless Discoveries: Your Personalized Recommendation Engine
article-image

Dana White recently discussed the controversial Paddy Pimblett vs. Tony Ferguson matchup at UFC 296 in December. The UFC CEO… Read More

1 years ago Sports Desk
article-image

WWE Payback started after immense pyro and glamour with Michael Cole welcoming the fans. The first match saw the divas… Read More

1 years ago Jhon Woug
article-image

WWE NXT No Mercy 2023 is set to be a historic event for wrestling fans. After a hiatus since 2017,… Read More

1 years ago Sports Desk
article-image

As AEW Collision, set for Saturday, October 7, 2023, in the energetic metropolis of Salt Lake City, Utah, approaches, the… Read More

1 years ago Jhon Woug
article-image

Excitement can be felt among fans of WWE who are already looking forward to Royal Rumble 2024, which will take… Read More

1 years ago Jhon Woug
article-image

WrestleMania, the “Super Bowl of Wrestling,” is arguably WWE’s biggest event: not millions, but billions of viewership numbers in their… Read More

8 months ago Jhon Woug
Stories Going Viral
Unleashing the Power of Stories
article-image

Professional wrestling fans worldwide are eagerly anticipating tonight’s episode of AEW Rampage, scheduled for September 15, 2023. Rest assured, they… Read More

1 years ago Sports Desk
article-image

This is the rags-to-riches story of Francis Ngannou, all summed up in a nutshell. Ngannou was born into poverty in… Read More

8 months ago Jhon Woug
article-image

The world of WWE is buzzing with excitement as the anticipation for Crown Jewel 2023 continues to grow. After the… Read More

1 years ago Sports Desk
article-image

Prepare for an epic showdown as Bryce “Thug Nasty” Mitchell faces off against Dan “Dynamite” Ige in a thrilling featherweight… Read More

1 years ago Jhon Woug
article-image

AEW’s next big event for 2023 is called AEW Wrestledream, and it’s happening this weekend on October 1st at the… Read More

1 years ago Sports Desk
article-image

Edge’s real name is Adam Copeland, who is a person with a lot of championships and memorable good moments in… Read More

9 months ago Jhon Woug
Join Our Exclusive Newsletter and Stay in the Loop!
0
Would love your thoughts, please comment.x
()
x