In yet another remarkable 24-hours in the life of WWE, multiple reports have suggested that the company has been sold.
It has been claimed that the company has been sold to Saudi Arabia’s Public Investment Fund. PIF are already the majority shareholders in English Premier League club Newcastle United, while also being behind controversial body LIV Golf, which has been set up as a rival to the established PGA Tour. The group are already in control of a staggering list of assets worth $620 billion. However, it is important to note that a sale is yet to be made official.
WWE already have a long-established relationship with Saudi Arabia, announcing a ten-year partnership with the kingdom back in 2018. Since the deal began, eight Premium Live Events have been held in Saudi Arabia, with WWE hosting two-per year, although this was interrupted by the COVID-19 pandemic.
Jobs Within WWE Will Be Lost If Sale Goes Through
Speaking on the latest edition of Wrestling Observer Radio, Dave Meltzer discussed what a potential sale to the PIF could mean. Meltzer explained that WWE’s media rights fees will be a huge issue should a sale take place, adding that some may see wrestling as “toxic” as a result. He added that the company is now “problematic” before expressing his belief that jobs will be lost.
“WWE without the rights fees is not worth anything close to what they’re getting. But there’s no, maybe, Vince is sure, he’s got his connections there. Maybe he’s already talked to the people at Fox and at NBCU and they’ve assured him that he’s ok. I don’t see them cancelling him right now. It’s a very problematic company at this point. There’s gonna be jobs lost.”
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