Vince McMahon was served with search warrant, subpoena in July
This story was updated at 12:45 PM Eastern.
Earlier this month, U.S. federal law enforcement agents executed both a search warrant and grand jury subpoena on WWE Executive Chairman Vince McMahon.
That news came courtesy of WWE’s quarterly SEC filings Wednesday where the development was reported:
“On July 17, 2023, federal law enforcement agents executed a search warrant and served a federal grand jury subpoena on Mr. McMahon. No charges have been brought in these investigations.
“The Company has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters.”
Specifics about what the agents were looking for are still unknown.
McMahon, and then WWE itself, released comments afterward on Wednesday morning to staff about the developments (courtesy Wrestlenomics).
From McMahon:
“In 2022, WWE formed a special committee to review allegations of misconduct against me. That review was concluded in November 2022 following an extensive investigation. Throughout this experience, I have always denied any intentional wrongdoing and continue to do so. I am confident that the government’s investigation will be resolved without any findings of wrongdoing. I am focused on completing the recovery process from my recent spinal surgery and on closing our transaction with Endeavor, which will create one of the preeminent global sports and entertainment brands.”
From WWE:
“We believe this is a continuation of the investigation that commenced last summer. WWE has cooperated throughout and fully understands and respects the government’s need for a complete process.”
WWE CEO Nick Khan was asked about the development on Wednesday’s investors call and declined to answer other than saying WWE would fully cooperate.
Khan confirmed during the call that McMahon is on medical leave after undergoing spinal surgery. Khan didn’t give any other details, saying they were respecting McMahon’s privacy during this time.
McMahon also continued to repay WWE back for “all reasonable costs” related to the special investigation over the last quarter:
“During the three and six months ended June 30, 2023, the Company incurred $5.3 million and $7.1 million, respectively, of expenses related to costs incurred in connection with and/or arising from the investigation conducted by the Special Committee of members of the Company’s Board of Directors, related revisions to the Company’s financial statements and other related matters.”
McMahon has paid approximately $17.4 million in reimbursements to date.
