Categories: Sports

WWE chief Vince McMahon to retire amid probe into misconduct claims

World Wrestling Entertainment’s Vince McMahon said on Friday he would retire as the company’s chief executive and chairman, about a month after stepping back from those roles due to an investigation into his alleged misconduct.

McMahon, 76, was being investigated by the board for agreements to pay $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Street Journal had previously reported.

McMahon last month pledged to support WWE’s investigation. He did not address the probe in Friday’s statement.

WWE, which produces and distributes weekly wrestling shows “Raw” and “Smackdown”, named his daughter, Stephanie McMahon, as the interim head in June.

Vince McMahon has been the powerhouse behind the wrestling entertainment company, transforming it from a regional player in a highly fragmented industry of the 1980s to a global giant, with about $1 billion in revenue in 2021.

He used scripted matches, celebrity wrestlers and glitz to make the brand more acceptable to television audiences and created the concept of pay-per-view matches for bigger events such as “WrestleMania” to build its revenue base.

The company was also dogged by controversies under his stewardship, including charges of steroid use.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” the departing company chief said in a statement.

“As the majority shareholder, I will continue to support WWE in any way I can.”

McMahon was the top trending topic on Twitter in the United States, with many WWE fans expressing shock at the sudden announcement.

WWE declined to comment on McMahon’s retirement and did not respond to requests for comment about the probe.

The company’s shares are up 34% for the year as it benefits from the return of audiences at its live events.

Muhammad Awais Arif

Recent Posts

Defence Minister Khawaja Asif Threatened in London

Defence Minister Khawaja Muhammad Asif was threatened and heckled by an unidentified individual at a…

8 hours ago

PTI Calls for Nationwide Protests on November 24

PTI founder Imran Khan has called for a major protest in Islamabad on November 24,…

8 hours ago

Donald Trump, Joe Biden promise smooth power transfer

President-elect Donald Trump visited the White House on Wednesday for the first time since winning…

8 hours ago

Nissan Global CEO & President recognises Al Masaood Automobiles’ Abu Dhabi Service Centre as world’s largest

ABU DHABI: Al Masaood Automobiles, the authorised distributor of Nissan in Abu Dhabi, Al Ain,…

11 hours ago

AIM Congress 2025 gears up to highlight how DeFi is transforming traditional finance ecosystem

ABU DHABI: Decentralised Finance (DeFi) market is expected to expand at a compound annual growth…

1 day ago

Menassah highlights prosperity of UAE publishing sector at SIBF 2024

SHARJAH: Menassah Distribution Company is showcasing the creativity of Emirati publishing during its participation in…

1 day ago