The embattled chief executive and chairman of World Wrestling Entertainment, Vince McMahon has announced that he is retiring amid allegations of misconduct.
Vince’s announcement comes a month after he temporarily stepped back from the roles after an investigation into alleged misconduct was launched.
Local papers have earlier reported that McMahon had agreed to pay more than $12m (£9.9m) over the last 16 years to suppress allegations of sexual misconduct and infidelity.
The embattled Vince previously pledge to co-operate with the investigation but did not address the probe in his recent statement.
Recall that his daughter, Stephanie McMahon, stepped in as WWE’s interim boss in June.
While announcing his retirement, Vince reiterated his support for the wrestling entertainment company and will remain the majority shareholder.
He said “As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you”
“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.
“As the majority shareholder, I will continue to support WWE in any way I can.”
Records have it that McMahon bought WWE in 1982, transforming it from a regional player in a fragmented industry to a highly lucrative, global giant, which posted about $1bn in revenue last year.
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