WWE has reportedly been sold to Saudi Arabia’s Public Investment Fund.
Steven Muehlhausen of DAZN reported that the wrestling promotion has been sold to the Middle Eastern country’s investment fund.
He reported that the company ‘will go back to being private’ for the first time since it became a publicly traded company in October 1999.
He noted that it is unknown whether Vince McMahon will return to head up creative, a role assumed by Triple H after Vince’s retirement.
Sources: #WWE has been sold to
— Steven Muehlhausen (@SMuehlhausenJr) January 11, 2023
Saudi Arabia’s Public Investment Fund. The company will go back to being private. Unknown if Vince McMahon will return to head of creative but it is expected by some people.
The news of the sale has not yet been confirmed by the WWE.
Talk of a sale of the company picked up after McMahon, who had retired in July 2022, announced he would be reinstating himself to the Board of Directors.
He announced that his role was essential ‘to maximise the value for all WWE shareholders’ as they undertook ‘strategic alternatives’ leading to the sale of the company.
Earlier today, Vince’s daughter Stephanie McMahon announced her resignation from the company as a result of her father’s return and election as the Executive Chairman of the Board.
She released a statement, saying: “About 8 months ago, I took a leave of absence and within a few weeks, unexpectedly had the opportunity of a lifetime. I had the privilege to return as the Co-CEO and Chairwoman of the Board of WWE.
Adding: "WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation.”
The announcement of the sale of the WWE isn’t entirely surprising, considering McMahon made it clear that was his plan upon returning.
However, financial analysts had suggested media giants such as Comcast, Disney, Amazon, and Netflix were leading the way as potential suitors.
WWE has been in partnership with the Kingdom of Saudi Arabia since 2014 and has regularly held events named ‘Crown Jewel’ in Riyadh.
In 2018 they announced a 10-year strategic partnership.
The partnership has faced criticism over the country’s poor human rights records on women’s rights and the LGBTQ community.
Last year, Vince McMahon faced allegations of sexual misconduct, as well as paying hush money to various women as a cover-up, according to Coming Soon.
The allegations ultimately led to his retirement from the WWE and his removal from the Board of Directors.
However, he remained the controlling shareholder of the WWE.
The Saudi Arabia Public Investment Fund recently bought Premier League side Newcastle United for A$559 million (£300 billion).
SPORTbible has reached out to WWE for comment.
Featured Image Credit: WENN Rights Ltd / Alamy. WWE Network.
Topics: Vince McMahon, WWE, Saudi Arabia
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