World Wrestling Entertainment (WWE) CEO and president Vince McMahon has announced that he will be retiring due to misconduct allegations.

It comes a month after he temporarily retired from roles after an investigation into alleged misconduct was launched.

The Wall Street Journal reported earlier this month that McMahon had agreed to pay more than $ 12 million (£ 9.9 million) over the past 16 years to crack down on allegations of sexual misconduct and infidelity.

He had previously pledged to cooperate with the investigation, but failed to address the investigation in a statement released Friday.

His daughter, Stephanie McMahon, stepped in as WWE’s acting chief in June.

Announcing his retirement, he reiterated his support for the wrestling entertainment company and will remain the majority shareholder.

“As I approach 77, I feel it is time for me to retire from the position of WWE President and CEO. Over the years, it has been a privilege to help WWE bring you joy, inspire you, excite you, surprise and entertain you. always you, “he said.

“I am extremely confident in WWE’s continued success and leave our company in the capable hands of an extraordinary group of superstars, employees and executives.

“As the majority shareholder, I will continue to support WWE in any way possible.”

In 2007, Vince McMahon got into a feud with Donald Trump

McMahon bought WWE in 1982, transforming it from a regional player in a fragmented industry to a highly profitable global giant, which last year reported revenues of about $ 1 billion.

The former wrestler used scheduled matches, celebrity wrestlers, and glitz to attract television audiences, with revenue boosted by pay-per-view events like Wrestlemania.

One of his iconic moments on screen dates back to 2007, when a feud with Donald Trump began.

Despite initially wanting to fight the businessman-turned-president himself, the couple agreed to choose a rep to fight at WrestleMania 23, with the underdog shaving his head.

Dubbed the Battle of the Billionaires, McMahon Umaga’s fighter lost to Trump’s rep Bobby Lashley, resulting in the WWE boss shaving his head.

Famous names like Hulk Hogan, Dwayne “The Rock” Johnson, John Cena, Dave Bautista and Triss Stratus have all used WWE to launch their entertainment careers, with many having moved on to Hollywood after stepping back from wrestling. .

TV personality and real estate developer Donald Trump (R) and World Wrestling Entertainment owner Vince McMahon speak during an NBC segment "Today" show in New York on April 2, 2007. Trump and World Wrestling Entertainment owner Vince McMahon bet on the outcome of a wrestling match during WWE "Wrestlemania 23", with the winner shaving the heads of whoever loses the bet.  REUTERS / Brendan McDermid (USA)
McMahon’s wrestler was defeated and Mr. Trump was able to shave his rival’s head at Wrestlemania 23

However, the company has also been dogged by litigation under McMahon’s leadership, including steroid use allegations in 1994 and John Oliver’s workers’ rights allegations in 2019.

WWE declined to comment on McMahon’s withdrawal and did not respond to requests for comment on the misconduct investigation.

Shares in the company are up 34% for the year as it benefits from the audience’s return to its live events.

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