STAMFORD, Conn., July 22, 2022 – Vince McMahon today released the following statement:

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”

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World Wrestling Entertainment (WWE) boss Vince McMahon, who turned the firm from a regional player to global giant, says he will retire amid a flurry of misconduct claims.

He stepped down from his roles in WWE last month following reports he paid millions to suppress allegations of sexual misconduct and infidelity.

Mr McMahon remains WWE’s majority shareholder.

He has led WWE for decades, often appearing as a performer in the ring.

In a statement that did not mention the allegations against him, Mr McMahon said he has the “deepest appreciation and admiration for our generations of fans all over the world”.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervour, dedication, and passion as always,” the 77-year-old said.

“My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”

His daughter Stephanie will serve as interim chairperson and co-CEO.

In June, The Wall Street Journal reported that Mr McMahon had agreed to pay $3m (£2.5m) to a former paralegal who said he sexually harassed her at work.

He reportedly agreed to an upfront payment of $1m, with the rest to be doled out over five years and apparently paid by Mr McMahon personally.

Despite initial reports that he would remain in post as the company’s CEO and chairman, the WWE board announced an investigation after it emerged that he had paid more than $12m to four other women to hide numerous allegations of infidelity. He was replaced as acting CEO and chairperson by his daughter.

The women – all former employees of WWE – signed agreements with Mr McMahon that barred them from discussing their relationships with him in exchange for the payments.

Mr McMahon has overseen the WWE’s growth into a media juggernaut whose content is broadcast in more than 180 countries and 30 languages.

When he purchased the then World Wrestling Federation from his father in 1982, matches took place in small venues and its rare television broadcasts were limited to local US cable channels.

But the organisation underwent a seismic change under his management, with events like WrestleMania, a live event featuring the sport’s top stars, drawing in millions of viewers. In 2021 the company’s revenue exceed $1bn for the first time.

As the sport grew, Mr McMahon leveraged his abrasive and bombastic personality to become one of its most recognisable faces.

He has been at the centre of some of its most famous moments, including being attacked by future US President Donald Trump at a WrestleMania event in 2007, and his feuds with stars like ‘Stone Cold’ Steve Austin and Hulk Hogan became box office viewing.

Source:BBC