THQ owes $45 million to WWE (unsecured creditor); Vince McMahon apparently “furious”

Uh oh, it looks like the Chairman and CEO of WWE, Vince McMahon, is in a bad mood again.

It has been revealed via THQ’s bankruptcy filings that the company owes $45 million to WWE. The license was something THQ could never take proper advantage of, churning out games running on the same old engine which were neither a critical nor a commercial success.

Upon hearing the THQ news, WWE have sent out a statement revealing that they were listed as an unsecured creditor, which means, they probably will not get the $45 million THQ owes them.

Their stockholders are understandably skeptical of the whole thing, and this statement tries to cool things down a bit.

WWE (NYSE:WWE) is listed in THQ, Inc.’s recent bankruptcy filing as an unsecured creditor holding a claim of approximately $45 million reflecting the entirety of the existing multi-year agreement.

Any impairment of a current THQ account receivable would be immaterial to WWE’s financial statements. Even if the impact of THQ’s bankruptcy were detrimental to WWE, the Company does not believe that the ultimate economic impact for financial statement purposes would materially and adversely affect the results of operations or financial position of WWE in light of the strength of the WWE brand and the historical performance of WWE’s video game business.

It is also being said that Vince is extremely furious (via Dave Meltzer) about the whole thing because they are likely looking at a $45 million loss here. They are trying to salvage as much money as they can from THQ.

  • Captain N

    Sucks for them LOL, WWE is in a downward spiral anyway, its all about TNA now !

    • tarbis

      wwe maybe in a downward spiral, but tna can’t even get up from where they were buried so long time ago.

      • http://twitter.com/Lambo_Killa9 Killa5150

        HAHAHHAA. TNA will never be like WWE nor greater.

  • realfighting

    All wrestling is fake and retarded anyway, watch real fighting like mma.

    • tarbis

      where elbows are not allowed. Such gay fighting is no where near exciting.

      • http://www.facebook.com/profile.php?id=1338620597 Mike Jones

        12-6 elbows are not allowed….all others are…tard

    • http://twitter.com/Lambo_Killa9 Killa5150

      I’m pretty sure 15+ years old people already know it’s fake. They watch it for the ENTERTAINMENT. WWE = World Wrestling Entertainment. It’s just that it’s boring as hell right now. No exciting headlines, Vince needs to step his game up. Can’t wait for The Rock to come back at Royal Rumble to fresh hints up. The Rock vs John Cena feud was actually pretty damn fun to watch lol then after that Rock vs Cena match at wrestle mania…WWE started to be boring as hell!!

    • Maximumlimits

      Two guys trying to mount each other? No thanks. I’ll keep my fake punches, bodyslams, and mic promos.

    • AnEternalEnigma

      WOW WRESTLING IS FAKE IT’S THE YEAR 2012 AND I HAD NO IDEA THANKS BRO

  • http://www.facebook.com/profile.php?id=1196194483 Kevin Mercado

    So they loan money & top of hoping that POS game is successful talk about being delusional + stupid. Service them right.

    • http://twitter.com/Falkerman Falker Man

      The WWE didn’t loan the money to THQ. THQ purchased the licensing rights and agreed to pay the WWE for those rights, which they are no longer able to pay.

      • http://twitter.com/Lambo_Killa9 Killa5150

        That is horrible….I wouldn’t wish that to my worst enemy. It’s his money, he deserves it.

        • name

          The licence was massively overpriced. WWE is holding on to that deal just because noone else wouldve given them anything close. THQ shouldve renegociated it down, but leaving it unsecured it fitting for the WWE scumbags.

  • C

    If they had cared about that money to begin with, maybe they’d have gone with a decent developer and stopped cramming out shovelware every two months. I love Vince loses his ass.

    • C

      That last line should be “I hope Vince loses his ass.”

      • Name

        You love his ass.

    • http://twitter.com/Falkerman Falker Man

      To be clear, the WWE didn’t release the games every two months, that was THQ.

      • anona

        THQ did sure, but WWE probably could have gave a shit about the games and could have had THQ hand development over to a proper developer.

        The THQ wrestling games were awesome when I was a kid and I wouldn’t have it any different. But in this day and age you can’t pump out RAW 2013 and expect it to hold water like it did in ’96.

        • http://twitter.com/Lambo_Killa9 Killa5150

          Smackdown vs Raw 2006 and 2007 were the best ones in SVR series. Then after that they turned out to be crap (10, 11, 12) BUT WWE 13 is actually pretty damn good!!!

  • W

    “No Chance, that’s what ya got.”

    • http://twitter.com/Lambo_Killa9 Killa5150

      Looks like WWE 13 is going to be the last WWE game made by THQ. I’m pretty sure when Vince found out that THQ cannot pay, he was probably like “YOOOOUU’REEEE FIIIRRRRRREEEDDD”

  • M C

    Vince is awesome.

    I hope they get their owed dues. even if not though, I doubt it will affect anything. WWE is so huge and epic worldwide.

  • Darius

    EA will probably pick up the rights

    • notbad3

      maybe turn it into a 200million f2p mmo?

      • Epic Ice

        That would suck, especially since EA doesn’t know the meaning of what F2P really is. The makers of Guild Wars 2 do, but not EA. Although we could see some potentially good console games from them. :/

  • Rick

    There goes the cash for Linda Mcmahon’s next campaign.

    • notbad3

      yes because Vince McMahon isn’t valued at 1 billion dollars.

      • Abigail

        Flushing 50 million down the toilet will hurt even a billionaire.

        • notbad3

          I’d be far more worried about the people who THQ owed money to who weren’t billionaires tho.

  • http://www.facebook.com/nintendowiiu3 Michael Mcdonough

    poor baby vince how about giving cena his title back , then whine some more

    • Abigail

      Why in God’s name would you ever want that?

      Cena doesn’t need the title ever again.

  • swampcroc

    Not gonna happen… The sale is through Clearlake Group…. an investment firm that specializes in corporate turnarounds… It’s basically going to be THQ operated as it currently stands, only this time they aren’t financing it aswell, the Clearlake Group would. goto http://www.thq.com/investors Jason Rubin explains what the transition means…
    For the WWE, they missed out… I suppose.. If their not listed in the deal with the Clearlake Group than I don’t think their is much they can do. And everything I’ve been seeing seems like THQ has done everything properly.. I’ve been following THQ for awhile now.. I wrote a business paper on them this semester. I think

    • http://www.facebook.com/jeffrey.vea Jeffrey Vea

      Research ehh?? Smart move to buy their stock??

      • swampcroc

        Anyway… Yes I wrote a paper for my business class. I chose THQ because it was a failing video game business. The media coverage has been there all year since they announced the uDraw losing them about $100 million in february…
        I wouldn’t buy their stock… The sentiment on the stock sites seem to be hold onto stock and wait it out. But, I haven’t looked since this big deal with Clearlake Capital LTD. Group. I did look into Clearlake Capital though and it says they are a multi-billion private investment firm specifically structured to turnaround business that are in financial trouble, just like THQ currently is.
        And I also know that Jason Rubin, former Co-Founder of Naughty Dog is the active President of all things THQ.. Production, development, etc…. According to him, as the sale transitions through the systems and court THQ business will be conducted as normal. There shouldn’t be any hinderance on development of current titles and other things. He also says that basically THQ will remain making games and supporting current games that the Clearlake Capital LTD. Group bought the rights to. Some include Volition Games, Vigil Games… Pretty sure it’s all THQ assets in North America… Everything Foreign including Canada is not involved in the purchase by Clearlake Capital.
        Sorry, my other post wasn’t up to your standard notbad3. Maybe if I had the ability to edit my post once it was posted I could have fixed the end and erased “I think”

    • notbad3

      “I wrote a business paper on them this semester. I think” Was the paper also on Alzheimers ?

  • swampcroc
  • justinlynch3

    To guys like anona, THQ doesn’t develop the games, they are only the publisher. THQ employ’s Yukes to create the game for them. THQ just provides the timelines, provides what content is allowed, and ships the game. But it’s Yukes that actually build the game.

    Chances are if anyone takes over the WWE license, they’ll probably hire Yukes as well, because Yukes has all the experience in building wrestling games. So the games really would probably not change a whole lot.

  • evilhasitsway

    im glad to hear thq is finally done with ruining the wwe games same shit every year even 13 good offline but more problems online. hopefully ea will get it since they have expeirence in makeing fighting games that thq used to do like the mma series.

  • evilhasitsway

    well if there not part of the clear lake group then that means thq no longer owns the right to the game and there for will be sold to another company.

  • evilhasitsway

    you dont get to keep what you cant pay for my dear kids