(New York) World Wrestling Entertainment (WWE) kingpin Vince McMahon announced Friday that he is retiring, amid an investigation into allegations of misconduct on his part.
Updated yesterday at 7:23 p.m.
“As I approach 77, I feel it is time for me to retire as WWE Chairman and CEO,” McMahon said in a statement.
“Over the years, it has been a privilege to help WWE bring you joy, inspire, delight, surprise and always entertain you. I want to thank my family for being so instrumental in our success, and I also want 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 home each 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 love 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 majority shareholder, I will continue to support WWE in any way I can.
“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. Still. Together”, echoing the slogan of the company he built.
McMahon stepped down as CEO and Chairman of WWE in mid-June, pending an investigation into allegations of misconduct.
At the beginning of July, the wall street journal reported that McMahon has 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 cases, the Log alleged that four women with WWE ties have signed agreements prohibiting them from discussing their interactions with McMahon.
Regarding the ongoing investigation, McMahon has already said that he is cooperating with it.
McMahon was the leader and one of the major faces of WWE for decades, establishing, among other things, the flagship event WrestleMania and the WWE Network.
When he purchased what was his father’s Word Wrestling Federation in 1982, matches were held in small arenas. Last year, WWE revenue topped a 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 Dallas Cowboys Stadium in April.
On July 30, Summerslam will take place at Nissan Stadium, the home of the Tennessee Titans.