- Matt Murphy
- BBC News
6 hours ago
McMahon agreed to pay $3 million to a former legal aid who said he sexually harassed her at work
Vince McMahon, president of World Wrestling Entertainment (WWE), has said he is retiring and leaving the company’s presidency over allegations of misconduct, after years of work during which he succeeded in transforming the industry from a local to a global giant.
McMahon, better known as McMahon, resigned from his position at the global company last month, after reports that he paid millions to conceal allegations of sexual misconduct and infidelity.
Despite this, McMahon remains the largest shareholder in WWE, which he led for decades, and was featured in some entertainment segments with wrestlers as a representative on the wrestling circuit.
In a statement, which did not refer to the allegations against him, McMahon said he had “deep esteem and admiration for generations of (wrestling) fans around the world.”
The 77-year-old added, “Our global audience can take comfort in knowing that the World Wrestling Company will continue to entertain them with the same enthusiasm, dedication and passion as always.”
“My personal thanks to our community, business partners, shareholders, and board of directors for their guidance and support through the years. Then now. Forever. Together.”
Stephanie, McMahon’s daughter, will temporarily take over the presidency and executive management of the company.
photo released, Getty Images
McMahon’s daughter Stephanie will take over the global company
The Wall Street Journal reported in June that McMahon had agreed to pay $3 million to a former legal aid who said he sexually harassed her at work.
He has reportedly agreed to make a down payment of $1 million, with the rest to be paid over five years, and it appears McMahon will pay the money personally.
Despite initial reports that he would remain as CEO and chairman of the company, the wrestling entertainment company’s board of directors announced an investigation after it emerged that he had paid more than $12 million to four other women to conceal several allegations of infidelity. The decision was to give up his posts to be replaced by his daughter.
The four women, all former employees of World Wrestling Entertainment, signed agreements with McMahon pledging not to discuss their relationships with him in exchange for the payments.
McMahon founded the wrestling entertainment company in the 1980s and oversaw its growth into a huge media force whose content is broadcast weekly in more than 180 countries and around 30 languages.
He had bought the WWF from his father in 1982, and matches were then held in small venues and their rare television programming was restricted to local US cable channels.
photo released, Getty Images
McMohan was attacked in the ring in 2007, by Donald Trump, later US President
But the organization underwent a drastic change under his stewardship, with the creation of competitions including WrestleMania, a live event featuring top sports stars, and attracting millions of viewers. In 2021, the company’s revenue exceeded $1 billion for the first time.
As the sport grew, McMahon used his rude and crude personality to become one of the most recognizable faces.
He was at the center of some of his most famous moments, including his 2007 in-ring attack by Donald Trump, the then US president, and his feuds with stars such as Steve Austin and Hulk Hogan became a hit and hit the scenes.