In the midst of a sex scandal investigation, WWE owner Vince McMahon announces his retirement

On Friday, Sex scandal investigation, WWE owner Vince McMahon, CEO and Chairman of World Wrestling Entertainment, announced his retirement at the age of 77. McMahon told in a late afternoon tweet, “At 77, time for me to retire.” He then expressed gratitude to the WWE universe.

The announcement comes less than a month after McMahon resigned amid allegations that he paid up to $12 million in hush money to former employees.

“It’s been an honour over the years to assist WWE in bringing you joy, inspiring you, thrilling you, surprising you, and always entertaining you,” McMahon said in a corporate statement.

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He went on to thank his family, the current and former WWE superstars, and the fans for allowing the company into their homes every week.

“Our global audience can be assured that WWE will continue to entertain you with the same zeal, dedication, and passion that we have always shown,” McMahon said. “I have complete faith in the WWE’s future success, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives, particularly Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I will continue to assist WWE in any way that I can. My heartfelt thanks go to the community and business partners, shareholders, and Board of Directors for their advice and support over the years. Then, now, and forever. Together.”

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WWE’s board of directors is looking into allegations that McMahon paid millions of dollars to various women in exchange for their silence about his relationships and misconduct. While the investigation was ongoing, the longtime WWE executive resigned as chairman and CEO. The company’s president, Nick Khan, and McMahon’s daughter, Stephanie McMahon, will take over as CEOs.

McMahon purchased the WWWF from his father, Vince McMahon Sr., in 1982. He renamed the organisation the WWF, which it remained until 2002, and established a global brand that is watched weekly in millions of homes and features lucrative pay-per-view events such as Wrestlemania.

The company reported record revenues of $1.1 billion in the most recent fiscal year, thanks in part to the return of large-scale public events as the coronavirus pandemic faded.

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