WWE has discovered more "unrecorded expenses" made by Vince McMahon bringing the total to $19.6 million.
The company recently revealed it was revising its financial statements going back to 2019 after finding $14.6 million in "certain payments" which the former chairman and CEO should have recorded as expenses during his time in charge.
Now, a new SEC filing on Tuesday (09.08.22) reveals the company has "determined that two additional payments totaling $5.0 million, unrelated to the allegations that led to the Special Committee investigation, that Mr. McMahon made in 2007 and 2009 should have been recorded in the Company’s consolidated financial statements".
In the document, WWE explained that although the additional expenses in question - which aren't related to the investigation into alleged misconduct - were "not material in any individual period", the "aggregate amount" would be "if recorded entirely in the second quarter of 2022".
As such, the company is looking to "revise its previously issued financial statements" for the past few years.
They also noted they have found their "disclosure controls and procedures and internal control over financial reporting were not effective as a result of one or more material weaknesses".
McMahon still remains a stockholder with a controlling interest in WWE, but last month he retired from all roles including CEO and chairman, a decision which followed Wall Street Journal reports claiming he made 'hush payments' to a number of women in the past.
The company's special committee investigation has not revealed what McMahon allegedly spent the undisclosed personal payments on, or if they are related to the allegations.
His daughter Stephanie McMahon replaced him as CEO and co-chair alongside Nick Khan, while her husband Paul 'Triple H' Levesque assumed all creative responsibilities just days after returning to his position as head of talent relations.
He had stepped down from the role in September 2021 following a major health scare, but has returned to help spearhead a new era for the company.
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