World Wrestling Entertainment boss Vince McMahon was the target of a federal search warrant and a grand jury subpoena, according to a statement from the corporation on Wednesday.
A report published by CNBC tied the subpoena and the search warrant – which was reportedly executed on July 17 by federal law enforcement – to the allegations against McMahon regarding payments he reportedly made to a number of women following accusations of sexual impropriety.
The search came one year after the U.S. Securities and Exchange Commission and federal prosecutors launched an investigation into the payments, which were disclosed by the WWE just days after McMahon retired as CEO. At the time, the WWE reported $14.6 million in expenses that were paid out personally by McMahon — none of which had been recorded previously. He still serves as executive chairman of the company.
In addition to the news about the search and subpoena, the WWE revealed that McMahon is currently on medical leave due to his recent spinal surgery – and he was expected to remain on leave for some time.
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“[McMahon] went on medical leave after undergoing major spinal surgery,” the report said, adding that he would “remain on medical leave until further notice but will remain Executive Chairman” of the corporation.
The WWE also noted that the corporation “has received voluntary and compulsory legal demands for documents, including from federal law enforcement and regulatory agencies, concerning the investigation and related subject matters.”
“We continue to fully cooperate with any investigation. Outside of that we are not going to comment on any legal matter,” CEO Nick Khan said. No charges have yet been brought against McMahon or the corporation.
The WWE is still expected to merge with the UFC to form a new company controlled by The Endeavor Group. That merger is expected to take place later this year, according to the WWE’s latest report. According to ESPN, Endeavor will own 51% of the new company. Those who currently own shares in the WWE shareholders will hold 49% of the new company.
