WWE has reportedly been sold to the Kingdom of Saudi Arabia.
Reports surfaced late Tuesday night that the wrestling company was to be sold to the Kingdom of Saudi Arabia. The figures on the deal have yet to be reported.
“WWE has been sold to Saudi Arabia’s Public Investment Fund. The company will go back to being private,” tweeted DAZN’s Steven Muehlhausen.
https://twitter.com/SMuehlhausenJr/status/1613014122517655552?s=20&t=QYviHCT66-CWkW0ngJ5bKQ
It’s been a busy few months for WWE. The company’s Chairman, Vince McMahon, retired and effectively resigned from the company after disgraceful sexual misconduct allegations surfaced. McMahon’s ousting led way for Stephanie McMahon and Paul “Triple H” Levesque to assume control of the company with Nick Khan.
Recently though, Vince has returned to his post. McMahon was voted in as Executive Chairman of the Board earlier Tuesday. In what is likely a corresponding move, Stephanie McMahon resigned from her post as well. So, the top of the company changed its complexion. And now, it appears probable that its owners will have as well.
This is a monumental deal in the world of professional wrestling. The McMahon Family founded and owned WWE since the beginning of its existence. It was likely another market was going to acquire them at some point. Now, they must navigate through attempting to find a new media rights partner. Which could prove interesting, considering their probable new owners.
About Chris Novak
Chris Novak has been talking and writing about sports ever since he can remember. Previously, Novak wrote for and managed sites in the SB Nation network for nearly a decade from 2013-2022