WWE announces Vince McMahon served federal grand jury subpoena

Legal troubles seem to follow Vince McMahon like Pigpen and his stink. The WWE Executive Chairman forced his way back into the company earlier this year and brought more legal drama with him.

On Wednesday, it was announced during the Q2 Financial Earnings call that McMahon had been served with a federal grand jury subpoena, and a search warrant was executed on July 17. No charges have been brought at this time.

The SEC filing also states “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.”

McMahon released the following statement to CNBC:

"“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.”"

On the matter, WWE said the following:

“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 McMahon on medical leave from WWE

McMahon is currently recovering from spinal surgery. TMZ Sports recently reported that the 77-year-old underwent a procedure that lasted more than four hours. It was deemed a success and he is currently on medical leave.

WWE was sold to Endeavor, UFC’s parent company, earlier this year. They will merge into a “global sports and entertainment company, “TKO Group Holdings, Inc.” The sale is expected to be finalized in the second half of 2023.

Brandon Thurston also notes that WWE is still paying for the Board’s investigation of McMahon’s NDA payments. In Q2, WWE incurred over $5 million related to the investigation.

WWE is also still negotiating new TV rights deals. WWE CEO Nick Khan noted during the call that they are having longer conversations because the “starting prices were far, far less than now.” While they remain optimistic that deals will get done, it’s unclear if McMahon’s ongoing legal issues will affect any potential deals.