WWE chairman Vince McMahon has announced his retirement amid an investigation into alleged misconduct.
His retirement marks the end of an era for the world of professional wrestling, with McMahon having been in charge of the company since purchasing it from his father in 1982. The 77-year-old's daughter, Stephanie, and Nick Khan will now take over as co-CEO's.
The Wall Street Journal reported earlier this month that McMahon had paid out more than $12m (£10m) to four women who had been affiliated with the company over claims of misconduct. WWE announced an investigation into the allegations, with McMahon initially stepping back from his role as CEO.
In a statement released on WWE's website, McMahon 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 would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand.
"Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.
"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always.
"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. Then. Now. Forever. Together."
McMahon bought Capitol Wrestling Corporation, the holding company that owned what was then the World Wrestling Federation, from his father Vincent J McMahon back in 1982. After the purchase he expanded the company during the pro-wrestling boom in the 1980s.
As WWE grew it cited McMahon as one of the keys to its success and his sudden retirement marks a true end of an era.
