Vince McMahon, caught by infidelity allegations, announces his retirement

American wrestling promoter Vince McMahon announced on Friday that he is stepping down from his role as CEO of the powerful WWE while an internal probe into a secret agreement with an employee with whom he was allegedly having an affair.

• Also read: For 16 years, Vince McMahon paid millions to stay silent about his infidelity

“As I approach 77, I feel it is time to retire as Chairman and CEO of WWE,” Vince McMahon wrote in a statement on the group’s website.

In June, The Wall Street Journal revealed that Vince McMahon had secretly entered into a $3 million non-disclosure agreement with an employee with whom he was allegedly having an extramarital affair.

Mr. McMahon subsequently announced that he was already retiring from his duties within WWE while the group conducted an internal investigation into the agreement.

In early July, the same Wall Street Journal reported that WWE’s CEO had paid a total of $12 million over 16 years to enter into non-disclosure agreements with four different women.

One of the $7.5 million deals was reportedly with a former wrestler who accused Vince McMahon of forcing her to perform oral sex on him and who was later demoted from WWE status before his contract was not renewed in 2005.

A $1 million deal was also struck with another woman who accused the WWE boss of sexually harassing her at work and sending her unsolicited nude photos.

For more than 40 years, Vince McMahon has been one of the main architects of the development of wrestling in the United States, succeeding his father as head of WWF-now WWE-and transforming the company into a billion-dollar machine at the crossroads of sports and entertainment .

He regularly stepped into the ring to participate in scripted matches and take on the role of a shameless villain.

Vince McMahon has been married for more than 50 years to Linda McMahon, a former cabinet minister responsible for small businesses under Donald Trump.

In his press release, Vince McMahon states that his daughter, Stephanie McMahon, will now serve as President of WWE and General Manager alongside Nick Khan, the group’s current head of revenue.

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