World Wrestling Entertainment (WWE) boss Vince McMahon, who turned the firm from a regional player to global giant, says he will retire amid a flurry of misconduct claims.
He stepped down from his roles in WWE last month following reports he paid millions to suppress allegations of sexual misconduct and infidelity.
Mr McMahon remains WWE’s majority shareholder.
He has led WWE for decades, often appearing as a performer in the ring.
In a statement that did not mention the allegations against him, Mr McMahon said he has the “deepest appreciation and admiration for our generations of fans all over the world”.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervour, dedication, and passion as always,” the 76-year-old said.
“My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
His daughter Stephanie will serve as interim chairperson and co-CEO.
In June, The Wall Street Journal reported that Mr McMahon had agreed to pay $3m (£2.5m) to a former paralegal who said he sexually harassed her at work.
He reportedly agreed to an upfront payment of $1m, with the rest to be doled out over five years and apparently paid by Mr McMahon personally.
Despite initial reports that he would remain in post as the company’s CEO and chairman, the WWE board announced an investigation after it emerged that he had paid more than $12m to four other women to hide numerous allegations of infidelity. He was replaced as acting CEO and chairperson by his daughter.
The women – all former employees of WWE – signed agreements with Mr McMahon that barred them from discussing their relationships with him in exchange for the payments.
Mr McMahon has overseen the WWE’s growth into a media juggernaut whose content is broadcast in more than 180 countries and 30 languages.
When he purchased the then World Wrestling Federation from his father in 1982, matches took place in small venues and its rare television broadcasts were limited to local US cable channels.
But the organisation underwent a seismic change under his management, with events like WrestleMania, a live event featuring the sport’s top stars, drawing in millions of viewers. In 2021 the company’s revenue exceed $1bn for the first time.
As the sport grew, Mr McMahon leveraged his abrasive and bombastic personality to become one of its most recognisable faces.
He has been at the centre of some of its most famous moments, including being attacked by future US President Donald Trump at a WrestleMania event in 2007, and his feuds with stars like ‘Stone Cold’ Steve Austin and Hulk Hogan became box office viewing.
Mnangagwa must also retire
Michack Mangena kkkkkkk
Kwanzi muJeep Akaita sei mwana???
Same age with Zim president he must follow him not zvake zvekuti I’m not going anywhere
And these allegations happened more than 20 years ago. That’s what they do in progressive nations when rape allegations are leveled against them
Michael MJ Gwarisa who said these allegations happened 20 years ago?
He has been a sex preditor for a long time, he messed up this time around by creating money trail when he paid off his mistress
Michael MJ Gwarisa I like your clarity of thought!👌👍
Meanwhile a brutal dictator in Africa isn’t going anywhere for the same allegations
Time for Tripple H
haasi Susan futi here
And ED achiri kutoti 2030 ndinenge ndichiriko
Tine mumwe kuno ari kuramba kuretire akabata mwana chibharo
To be partial a law should be levelled against anyone who commits a crime,no not one is above the law
In Zimbabwe you have rapist who are stil raping but you’re not alleging anything about it😑😑🏃♂️
He has done the rightful thing…we expect anyone with similar allegations to do the same