The potential sale of WWE has moved one small, but very significant step closer.
On January 6th Vince McMahon returned to the company by securing a place on the Board of Directors. As majority shareholder, McMahon appointed himself and two associates to the Board, while removing three serving members. In the wake of McMahon’s arrival, two other directors promptly quit with immediate effect.
The official line is that McMahon has come back to WWE in order to help facilitate a sale of the sports entertainment giant.
WWE Appoint Company To Advise Potential Sale
It has now been reported by CNBC that the process to set a sale into motion has already begun. The report states that the company have hired JP Morgan to advise on a potential sale. It is believed that if a deal would occur, it would take place in the next three to six months.
The report also lists Comcast, Fox, Disney, Warner Bros. Discovery, Netflix, Amazon, Endeavour Group Holdings – who own UFC, and Liberty Media – who own Formula 1, as potential interested parties.
It is worth noting that Warner Bros. Discovery are the media partners for WWE’s biggest wrestling rivals AEW.
This comes after it was claimed that Saudi Arabia’s Public Investment Fund could be potentially interested in buying the company. 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.
At a meeting for employees after Vince McMahon’s return to the Board, it was emphasised that he will not be involved in the day-to-day running of the company.