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World Wrestling Entertainment (WWE) bigwig Vince McMahon announced Friday that he is retiring, amid an investigation into allegations of misconduct on his part.
“As I approach 77 years of age, I feel it is time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement.
“Over the years, it has been a privilege to help WWE bring you joy, inspire you, delight you, surprise you and always entertain you. I would like to thank my family for contributing greatly 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 supporters for allowing us into your homes every week and being your choice of entertainment. I have the deepest appreciation and admiration for our generations of fans around the world who have loved, still love and, in some cases, adore our form of sports entertainment. »
“WWE will continue to entertain you with the same fervor, dedication and passion. 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, Chairman and Co-CEO Stephanie McMahon and co -CEO Nick Khan. As a majority shareholder, I will continue to support WWE in any way possible. »
“I personally thank our community and business partners, our shareholders and our board of directors for their guidance and support over the years. »
McMahon concluded the message with “Before. NOW. Always. Together,” echoing the slogan of the company he built.
McMahon stepped down as CEO and Chairman of WWE in mid-June while an investigation into allegations of misconduct was conducted.
In early July, The Wall Street Journal reported that McMahon agreed to pay more than $12 million over the past 16 years to cover up allegations of sexual misconduct and infidelity.
Citing sources familiar with the matter, the Journal said four women with ties to WWE signed agreements prohibiting them from speaking about their interactions with McMahon.
Regarding the ongoing investigation, McMahon has already said he is cooperating with it.
McMahon was the leader and one of the major faces of WWE for decades, establishing the flagship event WrestleMania and the WWE Network among other things.
When he purchased what was the Word Wrestling Federation from his father in 1982, matches were held in small arenas. Last year, WWE’s revenues topped $1 billion for the first time.
Wrestlers like Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena have become household names outside of wrestling as well.
WrestleMania 38 took place at the Dallas Cowboys Stadium in April.
On July 30, Summerslam will take place at Nissan Stadium, home of the Tennessee Titans.
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