Wrestlenomics

January 28, 2022: Janel Grant signs an NDA releasing WWE CEO Vince McMahon and WWE from liability and agreeing not to disclose information about their relationship, according to an exhibit to the complaint she later files in 2024. The agreement says McMahon will pay her $1 million within ten days of the agreement and $500,000 on February 1 of each year beginning 2023 through 2026.
March 3, 2022: In one of his last public appearances before news of the scandal breaks, Vince McMahon is interviewed on the Pat McAfee Show for a rare sit-down video interview.
March 30, 2022: The WWE Board of Directors receives an anonymous email from a person who says they are a friend of a former WWE paralegal, Janel Grant, disclosing a $3 million NDA McMahon made with Grant, following alleged misconduct by McMahon and WWE Head of Talent Relations John Laurinaitis. The Board at this time consists of executive members Vince McMahon (Chairman), Nick Khan, Stephanie McMahon, Paul Levesque, and independent members, Steve Koonin, Ignace Lahoud, Erika Ayers Nardini, Steve Pamon, Connor Schell, Man Jit Singh, and Jeffrey Speed. The Board begins an investigation into the matter in April. Facts related to the NDA, allegations of misconduct, and the Board’s investigation are not yet known to the public. (Reported later in The Wall Street Journal, 6/15/2022)
May 19, 2022: Stephanie McMahon announces she’s taking a temporary leave of absence from her role as WWE Chief Brand Officer, effective immediately. She says she’s taking leave to spend more time with her family. She remains a WWE Board member. WWE President and Chief Revenue Officer Nick Khan reportedly takes over most of her duties.
June 3, 2022: Business Insider reports Stephanie McMahon was replaced in her role as part of a decision made by Vince McMahon. In the days after the Business Insider article came out, Fightful and F4WOnline both contradicted the report.
June 15, 2022: The Wall Street Journal reports Vince McMahon made a $3 million NDA with a former WWE paralegal (revealed in a 2024 lawsuit to be Janel Grant) who had a sexual relationship with McMahon and WWE’s Head of Talent Relations, John Laurinaitis. The Board finds McMahon made additional NDAs with other female former WWE employees involving misconduct claims against McMahon and Laurinaitis.
June 17, 2022, morning: WWE announces Vince McMahon steps back as CEO and Chairman on an interim basis for the duration of an investigation by WWE Board of directors. Stephanie McMahon returns to the company and becomes interim CEO and Chairwoman. Vince remains head of creative. WWE advertises Vince will appear on Smackdown later that night.
June 17, 2022, evening: Vince McMahon opens Smackdown and does a short, “Welcome to Smackdown” promo. He doesn’t make any reference to the scandal. After he comes back through the curtain, he shouts, “Fuck ’em!” according to Fightful.
June 20, 2022: Vince McMahon makes an unadvertised appearance on Raw. He announces John Cena will return to Raw the following week. He again doesn’t reference the scandal.
June 27, 2022: Vince McMahon appears on Raw again to introduce John Cena.
July 3, 2022: Immediately after WWE’s Money in the Bank event in Las Vegas, Vince, Stephanie, Paul Levesque, and Pat McAfee appear onscreen in the crowd at UFC 276, also in Las Vegas.
July 6, 2022: Connor Schell resigns from the WWE Board. The WWE filing announcing his exit from the Board says he’s leaving because of “an increased slate of responsibilities resulting from his new, expanded role at the newly formed The North Road Company”. Schell’s decision to resign is “not due to any dispute or disagreement with the Company, its management or any matter relating to the Company’s operations, policies or practices.” (WWE filing, 7/6/2022)
July 8, 2022: A second article from The Wall Street Journal reports Vince McMahon paid $12 million for NDAs across 16 years to four women who worked for WWE. As reported in June, McMahon agreed to pay $3 million to a former paralegal (Janel Grant). McMahon also agreed to pay $7.5 million to a former wrestler in 2018. The wrestler alleges she was coerced to give McMahon oral sex, and when she rejected his subsequent advances, she was demoted and later, her contract wasn’t renewed in 2005. The NDA was made in 2018. Additionally, the report reveals three other NDAs. A WWE contractor came to the company with unsolicited nude photos of McMahon that he sent her and alleged he sexually harassed her at work. McMahon agreed to a $1 million with the contractor in 2008. In 2006, McMahon agreed to another $1 million NDA with a former manager who worked at WWE for 10 years before McMahon allegedly started a sexual relationship with her. An NDA made in 2012 with a WWE employee who made misconduct claims against John Laurinaitis was reached for $1.5 million. The employee alleged she and Laurinaitis had an affair and he demoted her after she ended the relationship. Laurinaitis himself was demoted by WWE around the time the NDA was agreed to.
July 18, 2022: Titus O’Neil opens Raw in a conspicuous segment, talking about his role as WWE Brand Ambassador. He says WWE provides a “safe haven” regardless of race, nationality, or economic status.
July 22, 2022, morning: A WWE press release titled “Paul ‘Triple H’ Levesque Is Back” announces Levesque is resuming his position as EVP of Talent Relations, seemingly taking over the duties of John Laurinaitis, who is out on administrative leave.
July 22, 2022, afternoon: Vince McMahon announces his retirement from WWE in all roles. He remains the controlling shareholder of the company. Stephanie McMahon and Nick Khan are named co-CEOs of WWE. Vince says in a statement: “As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE… 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, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can.”
July 22, 2022, evening: At the Smackdown taping that night, Brock Lesnar reportedly left the venue and was later convinced to return and appear on the program, according to multiple reports. Stephanie McMahon opens Smackdown by announcing Vince’s retirement and leads the crowd in thanking him.
July 25, 2022: A WWE filing reports the company has “received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters.” Possibly related, The Wall Street Journal reports the SEC and federal prosecutors are investigating Vince’s NDA payments, which contributed to his decision to permanently resign from all roles at WWE.
August 8, 2022: PWInsider reports John Laurinatis was fired from WWE.
August 9, 2022: WWE discloses the company found two additional payments totaling $5.0 million made by Vince McMahon which should have been recorded as company expenses but weren’t. WWE says these payments aren’t related to allegations that led the Board to start its investigation into sexual misconduct at the company. (WWE filing, 8/9/2022)
August 17, 2022: The Wall Street Journal confirms our analysis that the additional $5 million in unrecorded expenses reported on August 9 were to the Trump Foundation in exchange for Donald Trump’s appearances at Wrestlemania in 2007 and two appearances on Raw in 2009. Those payments join the NDA payments to women to total just over $17 million in expenses that should’ve been recorded as company expenses by WWE because they were intended to benefit the company, regardless of whether Vince used personal funds for those payments.
September 15, 2022: JoEllen Lyons Dillon and Michelle McKenna are added to the WWE Board. On the same day, Erika Ayers Nardini resigns from the WWE board, according to a company filing, due to her need to focus on Barstool Sports, where she was serving as CEO, following its recent acquisition by Penn Entertainment. Like Schell’s exit, the WWE filing reported that Ayers Nardini’s decision to leave the Board was “not due to any dispute or disagreement with the Company, its management or any matter relating to the Company’s operations, policies or practices.” (WWE filing, 9/15/2022)
November 2, 2022: WWE reports quarterly earnings and discloses the Special Committee Investigation into allegations of sexual misconduct by Vince McMahon, John Laurinaitis, and in the company culture, has concluded. (WWE filing, 11/2/2022)
November 3, 2022: A lawyer for Rita Chatterton sends Vince McMahon’s lawyer, Jerry McDevitt, a letter demanding $11.75 million in damages for allegedly raping her in 1986. Chatterton originally went public with her claim in 1992. (Reported later in The Wall Street Journal, 12/13/2022)
November 2022 (specific date unknown): A lawyer for a former spa manager sends Vince McMahon’s lawyer, Jerry McDevitt, an email claiming McMahon assaulted her in 2011 at a California resort. (The Wall Street Journal, 12/13/2022)
December 7, 2022: The Speak Out Act is signed into law. The act limits the enforceability of NDAs when sexual assault or sexual harassment are involved.
December 13, 2022: The Wall Street Journal reports Vince McMahon “has told people that he intends to make a comeback at WWE, according to people familiar with his comments. He has said that he received bad advice from people close to him to step down and that he now believes the allegations and investigations would have blown over had he stayed”.
December 20, 2022: Vince McMahon writes a letter to the WWE Board saying he needs to return to the company and explore a sale or merger (“strategic alternatives”) coinciding with upcoming media rights renewals for Raw and Smackdown. He writes: “My retirement was intended to give the special committee, its independent counsel, and the rest of the Board the time and space needed to understand and respond to the allegations… [W]e must unify the Company’s decision-making regarding these two interconnected initiatives to fully capitalize on this unique opportunity… [I]t is critical for me to rejoin the Board as Executive Chairman to work alongside our management team in leading the exploration of strategic alternatives and media rights negotiations – and it is necessary to fulfill my commitment to doing what is best for WWE.” (Disclosed in WWE filing, 1/5/2023)
December 27, 2022: WWE’s Board writes an email to Vince McMahon in response to his letter, telling him the Board members are in unanimous agreement that he shouldn’t return to WWE. Membership at this time includes executive members (who are also full-time WWE employees) Nick Khan, Stephanie McMahon, and Paul Levesque, as well as independent members (who are not full-time WWE employees) Steve Koonin, Jeffrey Speed, Alan Wexler, Man Jit Singh, Ignace Lahoud, Michelle McKenna, and JoEllen Lyons Dillon. The Board says they have a shareholder demand letter urging them to sue Vince, but they will sign an agreement not to sue him if he agrees to not return to the company and to repay the company for the cost of the investigation. The Board collectively writes: “Although we welcome your participation in the launch of a strategic alternatives review process, it is also our unanimous view that your return to the Company at this time, while government investigations into your conduct by the U.S. Attorney’s Office and SEC are still pending, would not be prudent from a shareholder value perspective. This determination is based on a variety of factors, including non-public information the Board has become aware of and the risks to the Company and its shareholders of placing a greater spotlight on these issues.” (Disclosed in WWE filing, 1/5/2023)
December 31, 2022: Vince McMahon responds to the Board’s email also in writing, saying he won’t approve of any company transaction or media rights deal unless he returns to WWE. “[I]t is surprising that you did not address what I had sought to make clear in my letter – namely that we have a unique but narrow window of opportunity to maximize shareholder value… [T]he only way to fully capture that opportunity is by having me – the Company’s founder and controlling shareholder – return as Executive Chairman at this critical time… I would like to be clear that unless I have direct involvement and input as Executive Chairman from the outset, I will not be able to support or approve any media rights deals or strategic transaction”. (Disclosed in WWE filing, 1/5/2023)
January 5, 2023: Using his controlling voting power in WWE, through an instrument called written consent, Vince McMahon elects himself and former WWE co-presidents George Barrios and Michelle Wilson onto WWE’s Board of Directors. To make room on the Board, he removes independent directors JoEllen Lyons Dillon, Jeffrey Speed, and Alan Wexler. McMahon holds about 36% of all WWE shares but 80% of the voting power because of class B preferred “super shares” he holds that give each one of his shares ten votes, while class A shareholders get just one vote per share. (WWE filing, 1/5/2023)
January 6, 2023: Independent members of WWE’s Board, Ignace Lahoud and Man Jit Singh resign. WWE also announces the company will pursue “strategic alternatives”, meaning it will explore selling the company, merging, or going private. Stephanie McMahon, Nick Khan, and Frank Riddick hold an all-staff meeting to explain Vince McMahon’s return and plans to explore a company transaction. Stephanie tells employees: “This is an exciting time. It shouldn’t be a scary time. It’s an exciting time for WWE. Our founder is back on the Board and is going to help lead this process.” (WWE press release, 1/6/2023)
January 10, 2023: Stephanie McMahon permanently resigns as co-CEO of WWE and as Chairwoman of the company’s Board of Directors. A portion of her parting message on social media reads: “Our Founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick [Khan’s] leadership and Paul ‘Triple H’ Levesque as Chief Content Officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders. WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.”
January 19, 2023: The Wall Street Journal reports Vince McMahon and Rita Chatterton have agreed to a “multimillion-dollar” settlement, for an amount less than the $11.75 million she was seeking.
March 23, 2023: Endeavor offers WWE an all-stock deal to merge WWE with Endeavor’s asset, UFC. Endeavor had earlier (on Feb. 7, 2023) offered to make WWE 43% owner of the newly formed company, with Endeavor owning the remaining 57%. WWE countered, proposing WWE own 49% and Endeavor 51%. Endeavor accepted the terms, stipulating that Vince McMahon be the Executive Chairman of the merged entity (eventually known as TKO) until his death, resignation or incapacitation. (WWE filing, May 12, 2023)
March 29, 2023: A new employment contract is filed with the SEC for Vince McMahon, making him an employee again, retroactively, beginning on January 9, 2023. The employment contract promises him that if a company transaction is closed which results in a change in control of WWE, he gets a $2.4 million lump sum, plus his incentive bonus would be doubled and paid upfront. (WWE filing, 3/29/2023)
April 3, 2023, morning: Endeavor, parent company of UFC, and WWE announce that WWE and UFC will merge. The agreement was finalized the day prior. The all-stock deal gives WWE shareholders 49% of the new company and Endeavor gets the remaining 51%, and therefore control of the merger company. 10-to-1 voting power per share for McMahon family members will come to an end. Vince McMahon will own 16% of the new company and control the same percentage of the voting power. Endeavor CEO Ari Emanuel will also serve as CEO of the new company (to be named later, TKO) and McMahon will serve as Executive Chairman, the same title he holds currently with WWE. McMahon and Emanuel appear together for an interview on CNBC. Emanuel affirms, “Oh my god yes,” he wanted McMahon to remain with the company as part of the merger agreement. McMahon says the deal would “absolutely” still have happened if not for the scandal. Asked if he has any regrets, McMahon says: “Well, let me just say I’ve made mistakes, obviously, both personally and professionally through my 50-year career. I’ve owned up to every single one of them and then moved on.” (Timeline here detailing the events leading up to this deal)
April 3, 2023, evening: Vince McMahon, who hasn’t frequently attended TV since July 2022, is at that night’s Monday Night Raw and makes heavy changes to the first TV taping following Wrestlemania. He produces the show throughout the night, as he did before his resignation. Reportedly, this negatively affects talent morale.
July 17, 2023: Federal law enforcement agents execute a search warrant and serve a federal grand jury subpoena on Vince McMahon, according to WWE’s quarterly earnings report published later on August 2. No charges are pressed against him.
July 21, 2023: Vince McMahon begins medical leave to have spinal surgery, according to the same earnings report disclosed on August 2.
August 2, 2023: Regarding the federal investigation, Vince McMahon provides the comment: “I have always denied any intentional wrongdoing and continue to do so. I am confident that the government’s investigation will be resolved without any findings of wrongdoing.” WWE says the company believes the subpoena and search warrant are “a continuation of the investigation that commenced last summer. WWE has cooperated throughout and fully understands and respects the government’s need for a complete process.”
September 12, 2023: The merger closes, officially unifying WWE and UFC as a new publicly-traded company, TKO.
September 13, 2023: TKO announces a special one-time dividend of $3.86 per share, scheduled to be paid on September 29, 2023. Vince McMahon holds 28,835,207 shares at the time and therefore is due to receive a dividend payment of $111.3 million.
September 20, 2023: Former WWE Board member Ignace Lahoud tells the LA Times that Vince McMahon’s return “wasn’t aligned with my way of seeing what governance is,” explaining his resignation from the Board earlier in the year. “There was a misalignment with what my values are.”
September 21, 2023: WWE and NBCUniversal announce a new TV deal to move Smackdown to the USA Network in fall 2024. The five-year deal is reportedly worth an average of $287 million per year, a 40% increase from the current deal with Fox for the same rights.
November 7, 2023: WWE and The CW announce a new TV deal to broadcast WWE NXT beginning in fall 2024. The five-year deal is reportedly worth about $25 million per year, up 70% from $15 million for the same rights with NBCU to air the show on the USA Network.
November 9, 2023: TKO announces Vince McMahon will sell 8.4 million company shares. When the transaction is complete a few days later, he sells the shares for an average of $76.41 per share. He receives net proceeds of $641.8 million. After the transaction, he holds 20,282,948 TKO shares, about 12% of all company stock. Before the sale, he held about 16% of TKO.
January 23, 2024: TKO announces Dwayne Johnson has been added to the company’s Board of Directors. On the same day, Netflix and WWE announce a new 10-year deal that includes U.S. rights to WWE Raw as well as numerous international broadcast rights to WWE content. The deal is worth an average of $500 million per year. The term is for ten years with an option at five years for Netflix to cancel, as well as an option for Netflix to extend the ten-year deal out to twenty years.
January 25, 2024: Janel Grant files a lawsuit in federal court in Connecticut against Vince McMahon, former WWE executive John Laurinaitis, and WWE itself. She accuses McMahon of sex trafficking and seeks to have the court declare her NDA, which she signed in January 2022, unenforceable, due to McMahon discontinuing payments agreed to, in accordance with the Speak Out Act, and because of overly broad language. The complaint contains numerous graphic allegations of sexual assault by McMahon and Laurinaitis in incidents said to have occurred from 2019 to 2022, some of which at WWE headquarters. She says McMahon used her sexually as part of a contract negotiation with a WWE talent described in the lawsuit as a former UFC champion but not specifically named. The Wall Street Journal reports that the talent referenced is Brock Lesnar. Grant claims multiple WWE executives knew about the abuse she was subjected to and did nothing to intervene. She says she wasn’t interviewed and documents weren’t requested from her for the Board’s investigation despite her expressing she was willing to cooperate. Former Board member Jeffrey Speed, who led the investigation, tells The New York Times later that day: “I remain confident in our investigation which included outreach to Ms. Grant and engagement with her lawyer.” TKO provides the statement: “While this matter predates our TKO executive team’s tenure at the company, we take Ms. Grant’s horrific allegations very seriously and are addressing this matter internally. Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE.” A spokesman for McMahon gives a statement, saying, “This lawsuit is replete with lies, obscene made-up instances that never occurred, and a vindictive distortion of the truth. He will vigorously defend himself.”
January 26, 2024, late afternoon: Slim Jim confirms they’re withdrawing as the presenting sponsor of the WWE Royal Rumble, which is happening the next night.
January 26, 2024, evening: TKO lead executives, Ari Emanuel and Mark Shapiro urge Vince McMahon to resign, according to a later report from The Hollywood Reporter. McMahon resigns, according to an all-staff email sent at about 8:30 pm ET from WWE President Nick Khan. Khan writes: “I wanted to inform you that Vince McMahon has tendered his resignation from his positions as TKO Executive Chairman and on the TKO Board of Directors. He will no longer have a role with TKO Group Holdings or WWE.” A McMahon spokesperson provides an updated comment from him: “I stand by my prior statement that Ms. Grant’s lawsuit is replete with lies, obscene made-up instances that never occurred, and is a vindictive distortion of the truth. I intend to vigorously defend myself against these baseless accusations, and look forward to clearing my name. However, out of respect for the WWE Universe, the extraordinary TKO business and its board members and shareholders, partners and constituents, and all of the employees and Superstars who helped make WWE into the global leader it is today, I have decided to resign from my executive chairmanship and the TKO board of directors, effective immediately.”
January 27, 2024: Slim Jim resumes their participation as a sponsor of the Royal Rumble. Following the Royal Rumble, Paul Levesque appears at the usual post-show press conference and takes questions from media. He declines to say what prior knowledge he had of the new allegations raised by Janel Grant. When asked what the company is doing to ensure people in WWE can’t take advantage of subordinates, he says, “Everything possible,” but doesn’t get into specifics. When asked if he’d read the lawsuit filed by Grant, he says he hasn’t and wishes to focus on the positive news of the new Netflix deal and the success of that night’s event.
January 29, 2024: John Laurinaitis is stepfather to Nikki and Brie Garcia (known as Nikki and Brie Bella in WWE). The twin sisters make a public statement: “We are shocked and disheartened with the recent allegations against members of the WWE. It has been a lot to process since we found out this past week just as you all did. This is something we don’t stand for or condone from anyone no matter who they are. We want all women to feel safe and supported in the workplace and in their everyday lives.”
February 1, 2024: John Laurinaitis’s lawyer, Edward Brennan, tells VICE News that Laurinaitis is a victim, too. “Mr. Laurinaitis denies the allegations in the misguided complaint and will be vigorously defending these charges in Court, not the media. Like the Plaintiff, Mr. Laurinaitis is a victim in this case, not a predator. The truth will come out… Count how many times in the complaint Vince [McMahon] exerts control over both of them.”
February 2, 2024: The Wall Street Journal reports federal authorities in New York have been investigating allegations of sexual assault and sex trafficking against Vince McMahon. The prior summer, including on July 17, federal agents executed a search warrant on McMahon’s phone and subpoenaed him for documents related to allegations from former or current employees of “rape, sex trafficking, sexual assault, commercial sex transaction, harassment or discrimination”.
February 7, 2024: John Laurinaitis’s lawyer, Edward Brennan, tells VICE News that “most upper level management” at WWE were aware of rape allegations raised by Ashley Massaro, which contradicts earlier claims by WWE that the company was unaware. Massaro said in a 2017 affidavit that she was raped in 2006 by someone representing himself as a military doctor while WWE was on a goodwill trip in Kuwait. Shortly after the incident, Massaro reported to a WWE doctor that she was raped. Vince McMahon subsequently instructed Massaro not to talk about the incident to protect the WWE’s relationship with the U.S. military. Laurinaitis’s lawyer told VICE: “Johnny, like most upper level management at sometime became aware of the allegations and ensured all proper WWE protocols were followed, including privacy for the alleged victim. We object to the use of the term cover up as no such plan or plot ever took place to hide or assist in the alleged rape.” Massaro died in 2019 of an apparent suicide.
February 9, 2024: VICE News reports a previously unpublished statement from Massaro, written as lawyers were working on her 2017 affidavit but not included because that litigation concerned concussions. Massaro’s statement reads: “During my time with the WWE, I had observed Vince McMahon making-out with other divas in the locker room, but he never paid attention to me, and I assumed I was not his type. This changed after my Playboy cover was released. I was fortunate enough to be allowed to fly on the company jet and stay at the same hotels as the executives for a period of time so that I could get home faster to spend more time with my daughter. On one of these occasions, Vince was attempting to get me alone with him in his hotel room late at night and I felt extraordinarily uncomfortable. He began calling the hotel room phone and my cell phone nonstop. I called Kevin Dunn to explain the situation and he said I should tell Vince I was not feeling well and would see him on TV the next day, so I did. Immediately after that night, Vince started writing my promos for me. Vince does not write promos for female wrestlers—that is the job of the creative department—and he certainly wouldn’t have, under any normal circumstances, written a promo for me. But he did, and the promos were written with the clear intention of ruining my career. I brought the first script Vince wrote for me to the WWE employee in charge of Creative at the time, Michael Hayes, and he said, ‘you’re not saying this, who the [expletive] wrote this?’ and I told him that Vince did. He said, ‘Well kid, these are the breaks,’ meaning that Vince wanted to end my career and destroy my reputation on my way out. He is known for this type of behavior and also did this to [REDACTED] upon her departure from WWE. In addition, after that night, each time I walk by him he would make vulgar sexual comments that were clearly designed to make me uncomfortable.”
March 11, 2024: Front Office Sports reports the identities of the four “WWE Corporate Officers” anonymized in Janel Grant’s lawsuit. Current WWE President Nick Khan and current COO Brad Blum are revealed as those referred to in Grant’s complaint as allegedly supporting Vince McMahon’s relationship with her. Stephanie McMahon and former WWE General Counsel Brian Nurse are disclosed as the other two executives allegedly with knowledge of the relationship.