Vince McMahon Pays $5M to Donald Trump’s Foundation

An internal investigation reveals the former WWE chairman donated $5 million to the now-dissolved foundation owned by the former US president in 2007 and 2009.

AceShowbiz –Vince McMahon donated $5 million to Donald Trump‘s foundation in 2007 and 2009. According to The Wall Street Journal, the former World Wrestling Entertainment (WWE) chairman and CEO – who retired from the company last month amid misconduct allegations – gave charitable donations of $5 million to the now-dissolved Donald J. Trump Foundation.

He made the payments during the two years that former US President Trump appeared on televised WWE events. An internal board investigation discovered the $5 million was reportedly among nearly $20 million in unrecorded company expenses, after McMahon stepped down amid allegations he made “hush payments” to a number of women in the past.

An attorney for the WWE said the payments to Trump should have been noted as business expenses because McMahon was a principal shareholder and the payments benefited the company.

Jerry McDevitt, the attorney, told The Wall Street Journal, “Mr. Trump and WWE entered into a contract whereby WWE agreed to and did pay him personally an appearance fee of $1 million. At the same time, the McMahons made a personal contribution to the Trump Foundation of $4 million. There was no additional fee paid to Mr. Trump, or any additional contribution to the Trump Foundation, due to the success of the event.”

The WWE said in a securities filing this week that their investigation into payments made by McMahon is “substantially complete.” Speaking after his retirement, McMahon said, “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. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years.”

Source: Read Full Article