By Jason Powell, ProWrestling.net Editor (@prowrestlingnet)
WWE announced Monday in an SEC filing that it will revise financial statements because $14.6 million paid by Vince McMahon should have been recorded as official company expenses. “The Company has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made (the ‘Unrecorded Expenses’),” reads the filing. The filing also stated that all payments were or will be paid by Vince McMahon personally. Read the full filing at here.
Powell’s POV: This appears to be what ultimately led to the end of Vince McMahon’s reign atop WWE. The filing also notes that the company’s investigation into McMahon is ongoing. And for all the concern over what would happen to WWE stock once Vince was out of power, it’s up over $5.50 today as of this update.
So that personal money was either not personal money or it didn’t matter since it was still technically a company expense?
You can take the carny out of the trailer park, but you can’t take the trailer park out of the carny. Vince always shunned the wrestling company identity, but he tried to handle this like an old school territory promoter.
If James Storm and Bobby Roode had a tag team called Beer Money, would the tag team of Johnny Ace and Vince McMahon be called ‘Ass Money’?
Maybe Degeneration Boomer?