Vince McMahon agrees to sell WWE to Saudi Arabia’s Public Investment Fund: Report

Wrestling promotion WWE is being linked with reports claiming that publicly tred company has been sold to Saudi Arabia’s Public Investment Fund. As per Steven Muehlhausen of DAZN, promotion as been sold to gulf country’s investment fund. This comes less than a week after Vince McMahon came out of retirement and returned as executive chairman of WWE board.

Steven also reported that company will go back to being private for first time since being listed as a public company in October 1999. He revealed development on Wednesday in Twitter and said, “Sources: #WWE has been sold to Saudi Arabia’s Public Investment Fund.  company will go back to being private. Unknown if Vince McMahon will return to he of creative but it is expected by some people”.

Stephaine McMahon resigns from co-CEO position of WWE

It is pertinent to mention that earlier on Wednesday, Vince’s daughter Stephaine McMahon announced her resignation from role of WWE’s co-CEO and chairwoman of board. “Our Founder, Vince McMahon, has returned as Executive Chair and is leing an exciting process regarding strategic alternatives. And with Nick's leership and Paul "Triple H" Levesque as Chief Content Officer, am confident WWE is in perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders,” Stephaine’s announcement on Twitter re. 

She furr ded, “WWE is in such a strong position, that I have decided to return to my leave and take it one step furr with my official resignation”. Meanwhile, reports about Vince McMahon’s plans about selling company started coming out as soon as 77-year-old announced his decision to come back. In a statement, former WWE boss revealed his role was essential ‘to maximize value for all WWE shareholders’ as y took ‘strategic alternatives’ leing to company’s sale. 

WWE's partnership with Saudi Arabia

WWE has been involved in a  partnership with Saudi Arabia since 2014 as it also organizes annual PPV, ‘Crown Jewel’ in Riyh every year. Saudi Arabia Public Investment Fund me helines in 2021 for buying Premier League club Newcastle United for a whopping $559 million (£460 million). Back in 2018, WWE and Kingdom of Saudi Arabia announced a 10-year-long strategic partnership.