Vince McMahon subpoenaed by grand jury; on medical leave from WWE

During a conference call to discuss second-quarter earnings, WWE announced that Vince McMahon was on a medical leave from the company after undergoing “major spinal surgery.” However, that wasn’t the most noteworthy Vince news on the call.

McMahon was the subject of a search warrant executed by federal agents on July 17. During the search, McMahon was served a subpoena to appear in front of a federal grand jury. WWE said no charges have been filed.

From WWE’s second-quarter financial report:

“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.”

According to a report from CNBC, the search warrant and subpoena represents “an escalation of an ongoing investigation into allegations that McMahon had paid millions of dollars over the years to women after being accused of sexual misconduct.”

WWE said that McMahon went on medical leave on July 21, and he will remain on medical leave “until further notice.” The company said that he remains executive chairman.

As part of WWE’s filings on Wednesday, the company revealed that they incurred an expense of $5.3 million and $7.1 million during the first two quarters of the year in connection with an internal investigation of McMahon’s alleged misconduct. Those expenses are supposed to be reimbursed by McMahon. According to WWE, McMahon has reimbursed the company approximately $17.4 million for costs relating to the internal investigation.

“As previously disclosed, the Special Committee investigation was completed during the fourth quarter of 2022. However, related government investigations remain ongoing,” the company said.

***UPDATE 8/2 2:11 p.m. ET ***

McMahon sent a statement to CNBC on Wednesday afternoon, which read:

“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.”

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