WWE's Vince McMahon retires amid misconduct probe

Billionaire who revolutionised wrestling as entertainment is accused of paying 'hush money' to female employees

Vince McMahon, left, and wrestler Triple H, who is his real-life son-in-law, appear in the ring during the 'WWE Monday Night Raw' on August 24, 2009 in Las Vegas, Nevada. Getty Images via AFP

Vince McMahon speaks at a press conference for 'WrestleMania XXIV' at the Hard Rock Cafe on March 26, 2008 in New York City. Getty Images

Vince McMahon and his wife Linda attend the 134th running of the Kentucky Derby at Churchill Downs on May 3, 2008 in Louisville, Kentucky. Getty Images

Arnold Schwarzenegger and Vince McMahon appear on an episode of 'Smackdown' in 1999. Getty Images

Vince McMahon speaks at the press conference held by Battle of the Billionaires to announce details of 'WrestleMania 23' at Trump Tower on March 28, 2007 in New York City. Getty Images

Vince McMahon, centre, congratulates winners Sarah Furhman, left, and Steve Rosenzweig at the announcement of the first McMahon Million Dollar Mania Winners at the Hard Rock Cafe June 12, 2008 in New York City. Getty Images

Vince McMahon hugs WWE women's wrestler Melina at the Lionsgate premiere of 'See No Evil' on May 8, 2006 in Orange, California. Getty Images

Vince McMahon, centre, prepares to get his head shaved by Donald Trump, left, and wrestler Bobby Lashley, right, while being held down by 'Stone Cold' Steve Austin after losing a bet in the Battle of the Billionaires match at Wrestlemania, on April 1, 2007 in Detroit, Michigan. Getty Images via AFP

Vince McMahon attends WWE Superstars for Sandy Relief at Cipriani, Wall Street on April 4, 2013 in New York City. Getty Images

Sylvester Stallone, wrestler Hulk Hogan and Vince McMahon at Hulk Hogan's WWE Hall of Fame Induction at the Universal Amphitheatre in Los Angeles on April 2, 2005. Getty Images

Vince McMahon attends a ceremony honouring him with a star on the Hollywood Walk of Fame at Hollywood and Highland on March 14, 2008 in Hollywood, California. Getty Images via AFP

Vince McMahon attends a press conference to promote 'Wrestlemania XX' at Planet Hollywood on March 11, 2004 in New York City. Getty Images via AFP

Vince McMahon attends a press conference about the WWE at the Austin Straubel International Airport on June 22, 2009 in Green Bay, Wisconsin. Getty Images via AFP

From left, Wrestler Triple H, Vince McMahon and wrestler Shawn Michaels appear in the ring during the WWE Monday Night Raw show at the Thomas & Mack Centre, on August 24, 2009 in Las Vegas, Nevada. Getty Images via AFP

An Elvis Presley impersonator sings to Vince McMahon during his 64th birthday celebration in the ring during WWE Monday Night Raw, on August 24, 2009 in Las Vegas, Nevada. Getty Images via AFP

Vince McMahon talks about the death of wrestler Chris Benoit and Benoit's family in an interview on the 'Today' show on June 28, 2007. Getty Images

Vince McMahon celebrates during 'WrestleMania 38' at AT&T Stadium. Photo: Joe Camporeale-USA Today Sports

Vince McMahon enters the arena during 'WrestleMania 38' at AT&T Stadium. Photo: Joe Camporeale-USA Today Sports

Vince McMahon retired as the chairman and chief executive of World Wrestling Entertainment on Friday amid an ongoing investigation into alleged misconduct.

The sporting company issued a statement from McMahon in which he thanked them and said he felt "extremely confident in the continued success of WWE".

The statement did not mention the ongoing internal investigation into McMahon, who has been accused of paying millions of dollars to female staff members to suppress several allegations of sexual misconduct and infidelity.

McMahon announced he would step down in June after the Wall Street Journal revealed he was under internal investigation over allegedly paying a departing female colleague $3 million following a consensual affair.

At the time, McMahon said he had would do "everything possible to support the investigation" and promised to accept its findings.

The Journal later reported McMahon had paid more than $12m to four women over the past 16 years — a much larger sum than initially reported in June. The four women had reportedly signed agreements with the WWE star barring them from discussing their relationships with him.

The allegations were just the latest in a career mired by controversies, including accusations he neglected the mental, physical and financial wellbeing of his employees.

His daughter, Stephanie, is now the chairwoman and shares chief executive duties with Nick Khan.

McMahon purchased WWE from his father in 1982 and transformed it from a small business into a global brand that reshaped the wrestling entertainment industry.

He often assumed the role of a pantomime villain in wrestling matches, playing on his status as the billionaire owner of the organisation.

His colourful appearances over decades of wrestling spawned a variety of online memes, often showing his animated face.

In one notable episode named the Battle of the Billionaires, McMahon faced off against then-businessman Donald Trump. The fight ended with McMahon being held down in a chair as the future president of the US shaved off his hair.

Aside from McMahon's own brand, WWE produced celebrities including Dwayne "The Rock" Johnson, John Cena and Hulk Hogan.

WWE's most recent signing is controversial YouTuber Logan Paul, who competed at WrestleMania 38 in April.

- with input from agencies