VINCE MCMAHON IS to retire as chairman and chief executive of World Wrestling Entertainment amid an investigation into alleged misconduct involving the WWE figurehead.

McMahon made the announcement this evening in a statement, just one month on after he said he would continue to oversee the business while the investigation takes place.

McMahon, whose friends include former US president Donald Trump, became a character in his own wrestling promotions at one stage and even launched a rival to the NFL — his over-the-top XFL.

“As I approach 77 years old, I feel it’s time for me to retire as chairman and CEO of WWE,” McMahon said in a statement. “Throughout the years, it has been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.”

Last month, it was announced that his daughter, Stephanie, will serve as the interim CEO and chairwoman.

At 77, time for me to retire.
Thank you, WWE Universe.
Then. Now. Forever. Together. #WWE #thankful

— Vince McMahon (@VinceMcMahon) July 22, 2022

The Wall Street Journal recently reported that the board was investigating a 3 million dollar (€2.86 million) settlement McMahon paid to a departing female employee with whom he allegedly had a consensual affair.

The employee, hired as a paralegal in 2019, has a separation agreement from January that prevents her from discussing her relationship with McMahon or disparaging him, the WSJ reported.

The board’s investigation, which started in April, found other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by McMahon and John Laurinaitis, the head of talent relations at WWE, the WSJ reported.

Aside from the investigation into alleged misconduct by McMahon and Laurinaitis, WWE said the company and its special committee will work with an independent third party to perform a comprehensive review of its compliance programme, HR function and overall culture.

McMahon thanked his family, employees and performers for building WWE’s success as well as dedication and passion.

“Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment,” McMahon said, promising that WWE would continue to deliver its unique brand of thrills.

“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always,” McMahon said.

“As the majority shareholder, I will continue to support WWE in any way I can,” he said.

© AFP 2022 with additional reporting by Press Association