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WWE: Vince McMahon Paid $12 Million To Silence The Victims

WWE: Vince McMahon announces his retirement at the age of 77

Vince McMahon, the king of World Wrestling Entertainment (WWE), announced Friday that he is retiring, amid an investigation into allegations of misconduct on his part.

“As I approach 77, I feel it is time for me to retire as WWE Chairman and CEO,” McMahon said in a statement.

“Over the years, it has been an honor to help WWE always bring joy, inspiration, delight, surprise and entertainment to you. I want to thank my family for their instrumental role in our success, and I also want to thank all the “stars” and employees past and present for their dedication and passion for our brand. »

“Most importantly, I want to thank our supporters for letting us into your home every week and being your entertainment choice. I have the deepest appreciation and admiration for our generations of fans around the world who have loved, continue to love, and in some cases have loved our form of sports entertainment.”

“WWE will continue to entertain you with the same enthusiasm, dedication and passion. I am absolutely confident in the continued success of WWE, and I leave our company in the hands of an extraordinary group of Superstars, employees and CEOs – in particular, Chairman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As a majority shareholder, I will continue to support WWE in any way I can.”

“I personally thank our community, business partners, shareholders and our Board of Directors for their guidance and support over the years.”

McMahon concluded the letter with “Before. Currently. Still. Together,” echoing the slogan of the company he built.

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McMahon resigned as CEO and Chairman of the WWE in mid-June, pending an investigation into the allegations of misconduct.

In early July, the Wall Street Journal reported that McMahon had agreed to pay more than $12 million over the past 16 years to cover up allegations of sexual misconduct and infidelity.

Citing sources familiar with the matter, the magazine claimed that four women with ties to WWE have signed agreements preventing them from discussing their interactions with McMahon.

Regarding the ongoing investigation, McMahon has already said he is cooperating with it.

McMahon has been the leader and one of the main faces in WWE for decades, founding the flagship event WrestleMania and the WWE Network, among other things.

When he bought what was Word Wrestling in 1982, matches were held in small arenas. Last year, WWE revenue exceeded $1 billion for the first time.

Wrestlers like Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena have become household names outside of wrestling as well.

WrestleMania 38 was held at the Dallas Cowboys in April.

On July 30, SummerSlam will be held at Nissan Stadium, the home of the Tennessee Titans.