WWE ‘close to finalizing deal to be sold to PIF of Saudi Arabia’

WWE is reportedly about to be sold to the Public Investment Fund of Saudi Arabia.

The news follows Stephanie McMahon’s resignation as co-CEO earlier Tuesday after her father, Vince McMahon, reelected himself to the WWE Board of Directors and was unanimously elected executive chairman of the board.

In 2021, the Saudis became majority owners of Premier League club Newcastle United. In 2022, they funded LIV Golf’s attempt to dethrone the PGA Tour as the world’s premier golf competition.

WWE will reportedly be sold to Saudi Arabia’s PIF (Right-Wing Governor Yasir Al-Rumayyan).

Vince McMahon reappointed himself to the WWE Board of Directors last week

Saudi Arabia and WWE have strengthened their ties over the past decade, and now the Kingdom’s PIF have reportedly agreed on a deal in principle Cassidy Haynes from Bodyslam.net and DAZN’s Steven Muehlhausen.

According to reports, the parties have to complete some formalities before the pact becomes concrete.

In 2018, WWE hosted the “Greatest Royal Rumble” at King Abdullah International Stadium in Jeddah – the first WWE event in Saudi Arabia.

In 2021, the Saudis became majority owners of Premier League club Newcastle United

Saudi Arabia has previously hosted several WWE promotions – including “Crown Jewel”.

WWE would later commit to hosting a series of events known as the “WWE Crown Jewel” which would take place as part of a 10-year deal.

These agreements have all been touted as part of “Saudi Vision 2030” – a framework to diversify the kingdom’s economy and strengthen certain sectors under Crown Prince Mohammad bin Salman.

Saudi Arabia’s public investment fund has been accused of ‘sports laundering’ with the nation is trying to improve its reputation amid criticism of its human rights record.

Saudi Arabia’s government has denied allegations of human rights abuses.

Vince McMahon, the founder and controlling shareholder of WWE, returned last Friday after retiring from the sports-entertainment company amid an investigation into alleged misconduct.

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.

Stephanie, his daughter, served as co-CEO alongside Nick Khan prior to her resignation on Tuesday. Khan will continue in his role, now as the company’s sole CEO.

“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 value for shareholders,” McMahon said in a WWE statement.

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

Stephanie served as co-CEO of the sports-entertainment company for six months before stepping down

She announced her retirement in a statement shared on social media Tuesday night

A personal statement followed later Tuesday, thanking her for her six months as co-CEO.

“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.

“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. -Steph.’