Has WWE been sold to Saudi Arabia’s Public Investment Fund? Will Triple H resign?
The spotlight is truly and truly shining on the world of WWE.
The American professional wrestling company has been making headlines over the past week after some massive changes.
An old face is back, there has been a resignation and Saudi Arabia’s much-criticized Public Investment Fund may well enter the entertainment business.
Here, Dailymail.com Check out why everyone is talking about WWE right now…
The spotlight is now truly shining down on the world of WWE after it hit the headlines
What is WWE?
WWE stands for World Wrestling Entertainment and is headquartered in Stamford, Connecticut.
It is the largest wrestling promotion company out there and due to its success it has delved into the world of film and football in the United States.
Unlike boxing and mixed martial arts, WWE events are for entertainment only and do not feature authorized bouts.
WWE draws fans in for its production rather than its sporting prestige, but wrestlers take their fair share of brutal beatings.
It’s growing in popularity and its Money in the Bank event will head to London after Cardiff’s Clash at the Castle was a record-breaking success.
Stephanie McMahon (C) has stepped down as CEO of WWE after her father Vince (L) returned to the wrestling franchise and reappointed himself to the board
Who runs the company?
Vince McMahon is back. The 77-year-old was unanimously elected Executive Chairman of the Board this week.
He found what is now WWE, Titan Sports, in 1980, and his surprise return to the group comes a few months after retiring from the sports-entertainment company during an investigation into alleged wrongdoing.
McMahon resigned as Chairman and CEO of WWE in July. He had temporarily resigned from the posts a month earlier.
The Wall Street Journal reported this summer that McMahon agreed to pay more than $12 million over the past 16 years to quash allegations of sexual misconduct and infidelity.
In another sudden change, McMahon’s daughter Stephanie re-signed as co-CEO on Tuesday, leaving Nick Khan as sole CEO.
Stephanie’s husband and former wrestler Paul “Triple H” Levesque is the chief content officer.
Vince McMahon returned to WWE last week after stepping down from his position as CEO last summer
Why did Stephanie resign?
The 46-year-old announced the news in a statement on social media on Tuesday, expressing her gratitude for her six months as co-CEO.
She’s moving on after a recent furlough, but believes she’s leaving with the company in an impressive place.
“Words cannot express how proud I am to have helped lead what I consider to be the largest company in the world, and I am confident that WWE is in the perfect position to continue to provide unparalleled creative content and the maximum To increase shareholder value,” she said on Twitter.
McMahon continued in a statement, “Dear WWE Universe, About 8 months ago I took a vacation and within a matter of weeks I unexpectedly had the opportunity of a lifetime.
Stephanie served as co-CEO of the sports-entertainment company for six months before stepping down
“I have had the privilege of returning as Co-CEO and Chairman of the Board of WWE. Words cannot express how proud I am to have led what I believe to be the largest company in the world, alongside a remarkable leadership team and one of the strongest leaders I know in my Co-CEO, Nick Khan.
“Our founder, Vince McMahon, has returned as Executive Chair and is leading an exciting process regarding strategic alternatives. And with Nick’s leadership and Paul “Triple H” Levesque as Chief Content Officer, I am confident that WWE is in the perfect place to continue to deliver unparalleled creative content and drive maximum value for shareholders.
“WWE is in such a strong position that I have decided to return to my vacation and take it a step further with my official retirement.
“I look forward to cheering on WWE from the other side of the business, where I started as a young kid, as a pure fan. I will always be loyal to WWE. I really love our company, our employees, our superstars and our fans. And I thank all our partners.
‘Thank you for everything. Then. Now. Forever. Together. – Stephen.’
Will Triple H follow suit?
Of course, there are questions as to whether Triple H, who retired from wrestling last March after suffering heart failure while battling viral pneumonia, will follow his wife and head for the exit door.
Rumors are circulating that he could leave too, but he remains in his position and his wife has been very supportive of the work he is doing.
He is the platform’s creative director and was instrumental in bringing Tyson Fury to the Welsh production in September.
Of course, there are questions about Triple H’s future now that his wife has left the company
How are Saudi Arabia’s PIF involved?
WWE and Saudi Arabia’s controversial Public Investment Fund have been linked in recent days.
It was initially reported that the two parties were close to finalizing a deal to sell the company to the PIF, although some paperwork had to be completed.
The Saudis took over Premier League side Newcastle United as majority owners in 2021 and are behind breakaway golf league LIV Golf, which competes with the traditional PGA Tour.
Saudi Arabia’s PIF has been accused of ‘sports washing’ with the nation is trying to improve its reputation amid criticism of its human rights record.
Hours later, a report surfaced that no sale was imminent. Dailymail.com has reached out to WWE for comment.
https://www.dailymail.co.uk/sport/wwe/article-11623589/Has-WWE-sold-Saudi-Arabias-Public-Investment-Fund-Triple-H-resign.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Has WWE been sold to Saudi Arabia’s Public Investment Fund? Will Triple H resign?