Wrestling boss Vince McMahon retires from WWE under cloud of controversy

Vince McMahon, the promoter who built a pro wrestling show into a global entertainment empire, Friday announced he was retiring as head of World Wrestling Entertainment - under a cloud of serious sexual misconduct allegations.

McMahon, whose longtime friends include 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."

McMahon stepped down from his roles with WWE last month pending the results of an internal investigation after allegations he had an affair with an employee and paid her $3 million to keep the matter secret.

His daughter Stephanie was named interim CEO and chairman while the ongoing investigation continues -- amid widening allegations of misconduct.

The Wall Street Journal reported two weeks ago that McMahon has paid more than $12 million to four women formerly associated with WWE over the past 16 years to keep quiet about affairs and alleged misconduct, including a former female wrestler who claims he coerced her into oral sex.

After taking over from his father, also named Vince, and grandfather Jess, McMahon transformed the WWE from its regional beginnings, into a publicly traded international enterprise with hundreds of employees in offices worldwide.

As he took the sport global, the younger McMahon delivered a unique and colorful brand of wrestling, recruiting the likes of Hulk Hogan -- who went on to become a megastar far beyond his ring performances.

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