Vince McMahon has announced his retirement. The retirement follows an announcement back in June that he would be stepping down from his roles as Chairman and CEO of WWE amid an investigation into allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs.
It has been reported that McMahon paid $12 million in the agreements.
McMahon has released a statement about his retirement which can be read below:
“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.”
McMahon also sent out this tweet:
It’s a huge move for the world of wrestling, as Vince McMahon’s name has been associated with it for quite some time now – and he’s often credited with bringing the sport into the mainstream and making it what it is today.
We’ll be sure to report more on this as details become available.