Posted in: Sports, TV, WWE | Tagged: saudi arabia, Vince McMahon, wrestling, wwe

WWE Sale to Saudi Arabia Rumored with Company Set to Go Private

According to rumblings reported by multiple sources, a deal to sell WWE to the Saudi Arabia public investment fund is imminent.

Published Tue, 10 Jan 2023 23:46:12 -0600

by Jude Terror

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Years of cozying up to the government of Saudi Arabia appear to have paid dividends for Vince McMahon. A deal to sell WWE to Saudi investors and take the company private is rumored to be done, according to multiple sources, with some suggesting Vince McMahon could resume his role as head of creative under the new literal regime in a swerve that rivals any scripted storyline from "The Attitude Era."

WWE CEO Vince McMahon and Paul "Triple H" Levesque speak to Army Command Sgt. Maj. John W. Troxell, Senior Enlisted Advisor to the Chairman of the Joint Chiefs of Staff, before the 14th Annual Tribute to the Troops Event at the Verizon Center in Washington, D.C., Dec. 13, 2016. WWE Tribute to the Troops is an annual event held by WWE and Armed Forces Entertainment in December during the holiday season since 2003, to honor and entertain United States Armed Forces members. WWE performers and employees travel to military camps, bases and hospitals, including the Walter Reed Army Medical Center and Bethesda Naval Hospital. DoD Photo by Navy Petty Officer 2nd Class Dominique A. Pineiro — Vince McMahon and Triple H, DoD Photo by Navy Petty Officer 2nd Class Dominique A. Pineiro, Flikr

The rumored buyer is Saudi Arabia's Public Investment fund, the goal of which is to transform and modernize the country's economy, part of the overall goal of the Vision 2030 project. A large part of that project involves sports and entertainment, including the massive WWE shows that have taken place in the country recently, including the annual Crown Jewel event. Owning WWE would position the fund with a hugely popular entertainment company with global reach, television deals around the world, millions of subscribers to its streaming content, exponentially more social media followers, and a nostalgic grip on generations of wrestling fans.

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.

— Steven Muehlhausen (@SMuehlhausenJr) January 11, 2023

For Vince McMahon, it would allow him to remain in power despite growing scandals over sexual misconduct accusations and investigations into hush money payments to the accusers. That scandal forced McMahon into early retirement last year, but he returned with a vengeance to kick off 2023, using his majority stockholder voting power to elect himself Chairman, effectively oust his detractors, and initiate a sale of the company. Vince's daughter, former Chairwoman and Co-CEO Stephanie McMahon, resigned suddenly on Tuesday.

Hey guys, one of hot rumors is that Saudi buyers are interested in WWE.

I've gained no actual information thus far to indicate this is actually happening, outside of a few vague hinting messages from people outside WWE

WWE contacts claimed to not know what the hints were about.

— Sean Ross Sapp of Fightful.com (@SeanRossSapp) January 11, 2023

The effects the sale of WWE to Saudi Arabia will have will be monumental. It's impossible to overstate the amount of public backlash the company will likely receive, especially given the brutality of the Saudi regime, including scores of human rights issues. Additionally, the new status quo will position rival wrestling company AEW as a very attractive alternative for fans and talent, though the WWE shakeup could spook potential media partners for the entire wrestling industry for years to come.

For what it's worth, I'm told the Saudi deal is done and they're taking the company private.

— Cassidy Haynes of Bodyslam.net (@Casshooole) January 11, 2023

Obviously, this is a massive story, and more details will continue to emerge, so strap in and put on your helmets, folks.

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