It's not a retirement if you call it one. Vince McMahon, the former Chairman and CEO of the World Wrestling Entertainment, would still be in total control without the details of the alleged hush payments. He left his post of 40 years unprovoked or out of humility to make way for his daughter or son-in-law. Before he was taken down, Vince removed himself.
McMahon had been accused of sexual harassment since the mid-1980s. He was acquitted in a 1994 trial of distributing steroids to his roster. McMahon bragged that he beat the federal government. Vince doesn't want a second time around.
According to the Wall Street Journal, the Securities and Exchange Commission and Federal government prosecutors are looking into McMahon's payments. The revised financial statements will show that McMahon's payments should have been recorded as expenses. McMahon's payments from 2006 to the present day need to be recorded in the WWE's financial statements, according to the SEC filing.
McMahon said on Friday that he was leaving the company five weeks after he intended to step down from his executive positions. McMahon has or will pay for the agreements if the investigation continues, according to the report. According to the report, the internal control over financial reporting was not effective due to one or more material weaknesses. That's right, well, duh. Financial instability is shown by mismanagement of that large amount.
McMahon said his age was the main reason for leaving the company. Based on the timing of the message and McMahon's lack of correction since the report first emerged, the foreshadowing of a larger probe into his actions was obvious. Triple H is the leader of the company's creative and talent relations efforts.
There was limited success in the attempt to sweep McMahon's resignation under the rug. Even though he has lost his magic touch over the years, he would still work from his chair in the gorilla position or his office in Connecticut. Two months ago, McMahon was stuck in his ways and had no end in sight. It is difficult to imagine a way McMahon would be involved with the company again. He is still the majority owner of World Wrestling Entertainment.
The departure of McMahon is expected to change the landscape of the company. On last night's episode of Raw to Theory, Roman Reigns said, "Your daddy's not here anymore!" in a clear shot to their mutual relationship. The man has backed up his words. There is a lot of work to be done by theory. The crowd at the Madison Square Garden broke into chants of "Who's your daddy?" and " Daddy's boy," making Paul Heyman try to not break character and into hysterics.
The legitimacy of McMahon's "retirement" as professional wrestling is rife with Michael Jordan-types, who need multiple comebacks before officially stopping to apply their athletic craft, was thought to be a possibility before Monday's news. They are examples. His removal wasn't part of a storyline, but the itch to return in some capacity would've been too strong for McMahon to deny McMahon has been the face of the company. He will need to stay away from the investigation.
Mentioning McMahon's legacy without the other is dangerous. The monarch of the World Wrestling Entertainment was accused of doing horrible things to women for decades and trying to use his wealth to cover it up. He might be a piece of shit, but he doesn't have the proper substance of how he rose to power.
McMahon was forced to retire as a result of his situation. There is no reason for it to happen. His alleged wrongdoings list is growing by the week, so he went to save the family business. McMahon knew the writing was on the wall. He quit.