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WWE is close to being sold to the Saudi Arabian public investment fund, according to reports.
The news follows the resignation of Stephanie McMahon as co-CEO on Tuesday after her father, Vince McMahon, was reappointed to WWE’s board of directors and unanimously elected as executive chairman of the board.
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.
WWE reportedly to be sold to Saudi Arabian PIF: Governor Yasir Al-Rumayyan, right
Vince McMahon was reappointed to the WWE Board of Directors last week
Saudi Arabia and WWE have strengthened their relationship over the past decade and now the kingdom’s PIF has reached an agreement in principle, according to Cassidy Haynes from Bodyslam.net and DAZN Steven Muhlhausen.
The reports state that the parties must go through some formalities before the pact is concrete.
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.
In 2021, the Saudis became majority owners of Premier League club Newcastle United.
Saudi Arabia has hosted multiple WWE promotions including ‘Crown Jewel’
WWE would later commit to hosting a series of events known as the ‘WWE Crown Jewel’ to take place as part of a 10-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’s public investment fund has been accused of “sports laundering” with the nation trying to improve his reputation in the face of criticism of his human rights record.
The Saudi Arabian government has denied the allegations of human rights abuses.
Vince McMahon, the founder and majority shareholder of WWE, reinstated last Friday several months after withdrawing from the sports-entertainment company during an investigation into alleged misconduct.
McMahon retired as WWE Chairman and CEO in July. He had temporarily waived the charges a month earlier. The Wall Street Journal reported over the summer that McMahon has agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
His daughter Stephanie was co-CEO with Nick Khan before he stepped down on Tuesday. Khan will continue in his role, now as the company’s sole CEO.
“Words cannot express how proud I am to have helped lead what I consider to be the best company in the world and I am confident that WWE is in the perfect position to continue to deliver unparalleled creative content and generate maximum shareholder value. “. McMahon said in a WWE statement.
Stephanie McMahon (C) has stepped down as WWE CEO after her father, Vince (L), returned to the wrestling franchise and the board of directors was reappointed.
Stephanie was co-CEO of the sports entertainment company for six months before resigning.
He announced his resignation in a statement shared on social media Tuesday night.
She followed up with a personal statement later Tuesday, expressing her gratitude for her six months as co-CEO.
‘Dear WWE Universe, Approximately 8 months ago, I took a leave of absence and within a few short weeks, I was unexpectedly given the opportunity of a lifetime.
‘I had the privilege of returning as co-CEO and Chairman of the Board of WWE. Words cannot express how proud I am to have led what I consider to be the best company in the world, working alongside a remarkable leadership team and one of the strongest executives I have ever met in my co-CEO, Nick Khan.
‘Our founder, Vince McMahon, has returned as CEO and is leading an exciting process regarding strategic alternatives. And with the leadership of Nick and Paul “Triple H” Levesque as Chief Content Officer, I am confident that WWE is in the perfect place to continue to deliver unprecedented creative content and drive maximum shareholder value.
WWE is in such a strong position that I have decided to go back on my license and go one step further with my official resignation.
“I look forward to rooting for WWE from the other side of the business, where I started as a little kid, as a pure fan. I will always remain dedicated to WWE. I truly love our company, our employees, our superstars, and our fans. And I am grateful to all our partners.
‘Thanks for everything. After. Now. Forever. Together. -Steph.