Following reports that WWE have agreed a deal with Saudi Arabia’s Public Investment Fund over the sale of the company a further update has offered an insight into how the deal came about.
On January 10th Stephanie McMahon announced that she was leaving WWE and her role as co-CEO. She had held the position since Vince McMahon initially retired in July 2022. This has left Nick Khan as sole CEO and was followed by confirmation that Vince had been elected as Executive Chairman.
In what could potentially be one of the most important days in the history of the company it was then reported that WWE had been sold to Saudi Arabia’s Public Investment Fund. The group are the majority shareholders in Newcastle United Football Club and control assets worth a staggering $620 billion. It is important to stress that a sale has now been officially confirmed.
Sale Talks Involving Vince McMahon Began When He Retired
Speaking on the latest edition of Wrestling Observer Radio, Dave Meltzer discussed the situation and what it might mean for the future of the company. Meltzer also revealed that McMahon started discussing a sale with the Saudi’s while he was “retired.”
McMahon retired from his role as WWE Chairman on July 22nd, 2022 surrounded by numerous allegations of sexual misconduct. This has been followed by further allegations of sexual assault. It is claimed that McMahon paid more than $12 million to the women involved in hush money in an attempt to suppress the allegations.
“One thing we do know about this story is that ever since was ousted he did open up talks with the Saudis. So this didn’t come in the last week. His coming back was obviously to close a deal that perhaps the people who are running the company – for all the reasons we’re talking about – probably felt very uneasy about the deal closing because they’re perhaps looking out for the long-term [future] of the company and their own asses too.”
During the conversation Meltzer also suggested that WWE is seen as a “problematic” company before adding that a sale would see jobs being lost.
H/t to TJR Wrestling