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Move over LIV Golf! Saudi Arabia’s PIF is “emerging as a potential bidder for WWE if it goes up for sale” as the fund looks to expand its “sports laundering” after backing the golf rebel breakout.
The latest sporting endeavor for the Saudi Arabian Public Investment Fund could be professional wrestling.
If WWE plans to put itself up for sale, PIF could be a potential bidder, Front Office Sports reports.
Of the $620 billion in assets the PIF controls, some of the most visible purchases it has made in recent years have been sports properties.
In 2021, the Saudis became majority owners of Premier League club Newcastle United. In 2022, they bankrolled LIV Golf’s bid to dethrone the PGA Tour as the world’s top golf competition.
After years of partnership, Saudi Arabia could look to buy WWE outright if it is up for sale.
Now, his attention could turn to wrestling. Saudi Arabia and WWE have strengthened their relationship in the last decade.
In 2018, WWE hosted the ‘Greatest Royal Rumble’ at the King Abdullah International Stadium in Jeddah, which marked the first WWE event held in Saudi Arabia.
WWE would later commit to hosting a series of events known as the ‘WWE Crown Jewel’ to take place as part of a ten-year contract.
All of these deals have been touted as part of the ‘Saudi Vision 2030’, a framework to help diversify the kingdom’s economy and strengthen certain sectors under Crown Prince Mohammad bin Salman.
Saudi Arabia has hosted multiple WWE promotions including ‘Crown Jewel’
This report comes after the Stamford, Connecticut-based company announced that former executive Vince McMahon would return to the board following an investigation into alleged sexual misconduct and infidelity.
Vince McMahon is married to Linda McMahon, a two-time unsuccessful Republican candidate for the Connecticut seats in the United States Senate and administrator of the Small Business Administration under former President Donald Trump.
Vince had stepped down from the WWE board in July, and subsequent reports revealed that he paid more than $12 million to suppress any allegations.
Rumors that a sale could be imminent may have gained more steam after a letter from McMahon was released today.
“I believe WWE has a unique opportunity at this critical juncture to maximize value for its shareholders and all other stakeholders,” McMahon wrote.
Specifically, given the rapidly evolving media landscape in which more and more companies seek to own the intellectual property offered on their streaming platforms, I strongly believe that the best course of action for all WWE shareholders and other stakeholders is undertake. a comprehensive review of strategic alternatives.’
Today it was announced that Vince McMahon would return to the company.
A letter from McMahon says the Stamford, CT-based company may be looking for a new buyer
If the sale goes through, FOS expects other potential stakeholders to challenge the Saudis for the company, which brought in $1.095 billion in revenue in 2021.
FOS submitted Amazon, Comcast, Fox Corporation, Liberty Media, Endeavor and CAA as potential bidders.
PIF’s involvement in this will lead to further accusations of ‘sports laundering’ to cover up their record of human rights abuses and mistreatment of women.
McMahon purchased WWE, formerly known as the World Wrestling Federation or WWF, from his father in 1982.
Other possible bidders for the wrestling promoter could include Amazon, Comcast and Fox.