Posted in: Sports, TV, WWE | Tagged: Vince McMahon, wrestling

Vince McMahon Second WWE Legend Targeted By Feds This Week

WWE's recent SEC financial report revealed Vince McMahon was raided by feds and served a federal subpoena last month, though he has not been charged.

Vince McMahon and Donald Trump have long been close personal friends, business and political allies, and friendly rivals. Recall the oft-told story where McMahon was angry at Trump for having a larger corporate jet than him, the time Trump reportedly saw Vince McMahon's limo explode on television and then called WWE Headquarters to ask if Vince was really dead, and, of course, the time the two battled via proxies at WrestleMania 23's Battle of the Billionaires, which ended in Stone Cold Steve Austin delivering the Stone Cold Stunner to the then-future president of the United States. So is it possible that, in revealing that he had been served a search warrant and subpoena by federal investigators, McMahon is simply trying to one-up his old pal, who was indicted by the feds yesterday (again) for his role in the January 6th insurrection and attempt to overturn the results of the 2020 presidential election?

Whatever the case, today's SEC filing reporting WWE's quarterly financials came with a special section on legal proceedings, referencing the hush money payment scandal last year that temporarily forced McMahon to retire before he returned more powerful than ever, took back over the company, and sold it to the parent company of UFC, all so that he could go back to tearing up the Smackdown scripts at the last minute again whenever he wanted. But the report also revealed that McMahon's home was raided by the feds last month.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

As previously disclosed on June 17, 2022, a Special Committee of the Board of Directors was formed on June 15, 2022 to investigate allegations of misconduct by Vince McMahon. As previously disclosed, the Special Committee investigation was completed during the fourth quarter of 2022. However, related government investigations remain ongoing.

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.

Fully consistent with prior expectations, the Company and Endeavor expect their transaction to be closed in the second half of 2023.

Additional information with respect to this item may be found in Note 18, Commitments and Contingencies, to the Consolidated Financial Statements.

Item 1A. Risk Factors

Except as described in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, we do not believe there have been any changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

Naturally, both WWE and McMahon have downplayed the news, with McMahon issuing the following statement:

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.

And WWE issuing this one:

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.

Vince's wife, Linda McMahon, lead the Small Business Administration as a member of Trump's cabinet as president, leaving before the 2020 election to spearhead the America First Action Super PAC in support of Trump, a position she continues to hold today in addition to chairing the America First Policy Institute. She has not commented on her husband's situation.

McMahon, who is indeed recovering from spinal surgery, has faced and beaten the feds before, back when he miraculously won the infamous steroids trial in the 90s, displaying a seeming invulnerability to scandal ever since rivaled only by his longtime friend, Trump, who is also a member of the WWE Hall of Fame. McMahon returned from exile due to a sexual misconduct scandal that led to multi-million-dollar payouts to women making various accusations about McMahon earlier this year to oust several WWE board members and install cronies, reinstall himself as Chair, and initiate a sale process that led to a purchase by Endeavor. WWE and UFC will be merged under the new structure, with McMahon serving as the Executive Chair of both organizations, arguably more powerful than ever. Donald Trump, meanwhile, used a judgment against him in a recent sexual abuse and defamation trial and recent indictments to fundraise for his presidential campaign (and growing legal fees). He is currently tied with President Joe Biden in polling for the 2024 presidential race, according to the New York Times.

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