You know something big was going down with the WWE when Stephanie McMahon resigned from her co-CEO job on Tuesday. And it sure seems like some big stuff is happening.
Vince McMahon returned to WWE last week to reportedly help direct a sale of the company. Less than a week later, a report says that McMahon is selling WWE to the Public Investment Fund, which is the sovereign wealth fund of Saudi Arabia.
DAZN’s Steven Muehlhausen reported the news of the sale.
https://twitter.com/SMuehlhausenJr/status/1613014122517655552
“Sources: #WWE has been sold to 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,” Muehlhausen reported.
BodySlam.Net’s Cassidy Haynes added some follow-up news:
Update, here is what I’ve put together so far:
The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I’m told a deal has been agreed to in principle.
— Cassidy Haynes of Bodyslam.net (@Casshooole) January 11, 2023
“The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I’m told a deal has been agreed to in principle,” Haynes reported.
As Haynes noted, WWE is a publicly-traded company in the United States, though McMahon owns most of the outstanding shares. As the controlling owner, the 77-year-old can steer the board of directors towards a sale such as this one, which would make the company private.
The Saudi Arabian government has been getting involved in sports over the last few years. They took over ownership of Premier League club Newcastle United in 2021. They have also backed LIV Golf, which is a PGA Tour competitor.
