In the latest Form 8-K filing with the United States Securities and Exchange Commission, WWE announced that it has identified unrecorded expenses totaling approximately $14.6 million.
All payments will be paid by Vince McMahon personally.
These payments that Vince McMahon agreed to make during the period from 2006 through 2022 were not recorded in the WWE consolidated financial statements and should have been recorded as expenses in the quarters in which those agreements were made.
The company anticipates that it will revise its previously issued financial statements to record these unrecorded expenses in the applicable periods for the years ended December 31, 2019, 2020 and 2021, as well as the first quarter of 2022.
While the WWE Board of Directors into Vince McMahon is still ongoing, WWE said that that it has received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.