In the wake of serious sexual misconduct allegations, Vince McMahon, the promoter who turned a pro wrestling event into a global entertainment powerhouse, announced his retirement as the head of World Wrestling Entertainment on Friday.
McMahon, whose longtime friends include Donald Trump, at one point established himself as a character in his own wrestling promotions and even started an NFL rival league called the extravagant XFL.Vince
In a statement, McMahon said, “As I near 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE.” It has been an honor over the years to work with WWE to delight, inspire, thrill, surprise, and always entertain you.Vince
Due to allegations that he had an affair with a staff member and gave her $3 million to keep it a secret, McMahon resigned from his position with WWE last month. His resignation is still in effect while an internal investigation is being completed. Vince
In the midst of growing allegations of misconduct, his daughter Stephanie was appointed interim CEO and chairman while the investigation is ongoing.
According to a report in The Wall Street Journal published two weeks ago, McMahon has spent more than $12 million paying four former WWE employees to remain silent about affairs and other alleged misconduct over the course of 16 years. One of these women, a former female wrestler, claims he forced her into oral sex.
A worldwide occurrence
McMahon transformed the WWE from its regional beginnings to a publicly traded international enterprise with hundreds of employees in offices around the world after taking over from his father, also named Vince, and grandfather, Jess.Vince
As he took the sport global, the younger McMahon delivered a distinct and colourful brand of wrestling, enlisting the likes of Hulk Hogan, who went on to become a megastar far beyond his ring performances.
WWE wrestlers became iconic figures as McMahon used music and narrative to introduce his stars into mainstream society, delivering major events such as the first Wrestlemania in 1985 at New York‘s Madison Square Garden.
While “Captain” Lou Albano was appearing in a Cyndi Lauper music video, “The Rock” transitioned from a WWE legend to a Hollywood superstar, and Hogan appeared in movies with Mr. T and Sylvester Stallone as a prime example of the crossover star mix that McMahon produced.
McMahon also has a long history of friendships with WWE Hall of Famer and celebrity-turned-president Donald Trump, who appointed McMahon’s wife Linda to the position of head of the Small Business Administration.
Trump once famously body-slammed the head of WWE and shaved his head in the middle of a wrestling ring on live television at the end of a staged feud.
Before the late 1990s, when he created the villainous “Mr. McMahon” persona and engaged in a famous argument with Austin, McMahon had remained a background commentator. His own soap opera storylines then became popular.
With many of the same flashy, extreme moves and off-field plotlines that made sense in WWE, McMahon introduced the XFL in February 2001. However, the league’s would-be NFL rival folded after one season due to poor television ratings, and a comeback attempt in 2020 was foiled by COVID-19
Vince McMahon” Devotion and passion”
McMahon thanked his loved ones, coworkers, and performers for contributing to WWE’s development.
WWE will continue to entertain you with the same fervor, dedication, and passion as always, McMahon assured his international audience.Vince
According to McMahon, his daughter Stephanie and co-chief executive officer Nick Khan will take over the company after him.
As the company’s largest shareholder, he declared, “I will continue to support WWE in any way I can.
About a month after resigning from those positions because of an investigation into his alleged misconduct, he said in a previous statement that he would retire as the company’s chairman and chief executive.
According to a previous Wall Street Journal article, McMahon, 76, was under investigation by the board for agreements to pay $12 million over the course of 16 years to settle claims of sexual misconduct and infidelity.
Last month, McMahon vowed to support the WWE investigation. He didn’t mention the investigation in his statement on Friday.
In June, he appointed his daughter Stephanie McMahon as the acting CEO of WWE, the company that creates and broadcasts the weekly wrestling programs “Raw” and “Smackdown.”
Vince McMahon has been the driving force behind the wrestling entertainment business, growing it from a small regional player in the 1980s’ highly fragmented market to a $1 billion+ global powerhouse in 2021.Vince
He developed the idea of pay-per-view matches for bigger events like “WrestleMania” to increase revenue and made the brand more appealing to television audiences by using scripted matches, celebrity wrestlers, and glitz.
Under his leadership, the business was also beset by controversies, including allegations of steroid use.
The departing company chief issued a statement that read, “Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervour, dedication, and passion as always.”
I will continue to support WWE in any way I can as the majority shareholder.
With many WWE fans expressing shock at the abrupt announcement, McMahon was the top trending topic on Twitter in the US.
When contacted for comment about the investigation and McMahon’s retirement, WWE declined to do so.
The company has seen a 34 percent increase in its share price for the year as a result of live event attendees returning.
