Vince McMahon's bombshell announcement amid $12 million sex scandal

WWE boss Vince McMahon has made the bombshell announcement that he's retiring from the company.

In a brief statement issued by World Wrestling Entertainment, McMahon said he is retiring as WWE’s chairman and CEO, while noting that he remains its majority shareholder.

'DISGRACEFUL': Boxing world fumes over controversial scenes

SHOCK TWIST: Boxing icon loses security job after one-punch KO

McMahon called it a privilege to entertain the fans for so many years, thanking his family and "all of our past and present Superstars and employees."

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE," he said.

"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.”

He also wrote on Twitter: "At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together."

WWE also announced on Friday that Paul 'Triple H' Levesque - Stephanie McMahon's husband - would return to his role as the EVP of talent relations with the company.

“I look forward to returning to my prior position as head of talent relations. I’m healthy, fired up, and ready to take charge,” Levesque said in a statement.

Vince McMahon embroiled in $12 million sex scandal

The 77-year-old stepped down as CEO and chairman of WWE in June amid an investigation into alleged misconduct.

Earlier this month, the Wall Street Journal reported that McMahon agreed to pay more than US$12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.

At the time, McMahon was accused of having a consensual relationship with a former employee.

The WWE supremo reportedly increased the woman's salary once the relationship turned sexual.

He was also accused of giving the woman hush money so she wouldn't speak about the relationship.

WWE decided to investigate those allegations, leading to McMahon stepping down.

McMahon reportedly paid different sums to four women. He was accused of paying two women hush money after alleged affairs, sending unsolicited nude photos and sexually harassing a female employee and coercing a former female wrestler to give McMahon oral sex and then retaliating against that wrestler when she resisted further sexual encounters.

McMahon's statements on Friday did not mention those allegations or the WWE investigation.

The timing of the news, especially coming just weeks after new allegations emerged, suggest McMahon's retirement is authentic and not part of an upcoming WWE storyline.

The WWE world had a mixed reaction to McMahon's announcement on Friday.

with agencies and Yahoo Sports US

Click here to sign up to our newsletter for all the latest and breaking stories from Australia and around the world.