In the mid 1970s, before any of the successes, Vince McMahon, Jr. declared bankruptcy. He blames his first financial failure on a combination of bad advice and bad investments, and gradually regained his wealth through the wrestling business. Unfortunately for the McMahons, it hasn’t been completely smooth sailing since then either. Near the end of 1997, WWE was taking a severe beating from WCW, and there was genuine talk of the company going out of business because they were unable to compete. Although that quickly turned around, the story went quite differently when McMahon tried to compete with the NFL, and lost millions on his own XFL. The market investors we mentioned earlier really did a number on McMahon, too, causing him to lose $350 million in a single day in May of 2014.
The document sheds new light on how McMahon, who co-founded of her family’s lucrative wrestling business with husband Vince, reacted after being tipped off state and federal officials looking into allegations Pennsylvania urologist Dr. George Zahorian provided WWF wrestlers with anabolic steroids.
McMahon, who is battling former Connecticut Rep. Rob Simmons for the chance to challenge Democrat Richard Blumenthal in November, often touts her experience as a top executive figure at the company, now called World Wrestling Entertainment.