World Wrestling Entertainment (WWE) chairman and CEO Vince McMahon has stepped down while his board of directors investigates him for possible misbehavior.
An alleged $3 million (£2.5 million) payment between Vince McMahon and an ex-employee with whom he had a consensual romance is at the center of the investigation.
Mr. McMahon, 76, "voluntarily stepped back from his responsibilities," according to the WWE.
Stephanie, his 45-year-old daughter, will serve as interim CEO and chairwoman.
Mr. McMahon has not explicitly replied to the allegations, but he has committed his "full cooperation to the investigation" in a statement.
"I've also promised to accept the investigation's findings and outcome, whatever they are," he continued.
During the investigation, the billionaire will "retain his role and obligations relating to WWE's creative programming," according to the company, which subsequently added in a tweet that he will open Friday night's Smackdown show.
The January settlement prohibits the departing paralegal from disclosing the contact with Mr. McMahon or denigrating him in any way, according to the Wall Street Journal, which first reported on the "hush money arrangement" on Wednesday.
The WWE's board of directors is now reported to have a copy of the agreement, which calls for a one-time payment of $1 million, with the balance spread out over five years and paid by Mr. McMahon personally.
According to anonymous emails given to board members, the woman was hired at a $100,000 salary, but Mr. McMahon quadrupled it once they started dating.
According to the claim, "my friend was so afraid that she quit after Vince McMahon and lawyer Jerry paid her millions of dollars to shut up."
Since the probe began in April, the WWE board has uncovered previous settlements involving Mr. McMahon, which might be worth millions of dollars, according to the site.
John Laurinaitis, the company's head of talent relations, was also listed in the news story as being accused of misconduct.
Mr. McMahon launched the WWE in the 1980s and has guided it to become a global media powerhouse with weekly programming televised in over 180 countries and 30 languages.
Although the company's stock is publicly traded, Mr. McMahon owns the bulk of the company's stock.
He, his daughter, and her husband, Paul "Triple H" Levesque - better known as WWE wrestler Triple H - are all members of the board of directors, which consists of 12 people.
Soon after her husband Mr. Paul "Triple H" Levesque underwent surgery for a "very critical" heart incident in May, Ms. McMahon stepped down from her principal post as a chief brand officer "to focus on my family."
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