Report: WWE Sold To Saudi Arabia
The sale of WWE to Saudi Arabia's Public Investment Fund appears to be a done deal.
A whirlwind week for WWE keeps intensifying. Six days after Vince McMahon's official return to the company's Board of Directors, Saudi Arabia's Public Investment Fund has agreed to purchase the market-leading wrestling promotion.
Multiple outlets have reported as much. Rumours started swirling when Bryan Alvarez of the Wrestling Observer tweeted that monster news was about to drop:-
I think monster news imminent
Advertisement— Bryan Alvarez (@bryanalvarez) January 11, 2023
Later, Bodyslam.net's Cassidy Haynes reported that the "Saudi deal was done", with WWE set to go private:-
For what it’s worth, I’m told the Saudi deal is done and they’re taking the company private.
Advertisement— Cassidy Haynes of Bodyslam.net (@Casshooole) January 11, 2023
The Saudi PIF emerged as potential buyers for WWE last week, when Vince McMahon returned to the promotion stating his desire to engineer an advantageous new media rights deal with the company, with the accompanying Wall Street Journal report noting the 77-year-old's intention to sell the promotion. Appointed WWE's Executive Chairman, Vince was back in power after resigning in disgrace last July, doing so in the wake of news he had paid tens of millions of dollars to suppress allegations of sexual assault between 2006 and 2022.
Since his original report, Haynes has claimed that the WWE/Saudi sale isn't yet finalised as company shareholders and other parties must be notified. Nonetheless, the deal is agreed:-
Update, here is what I’ve put together so far:
The deal isn’t completely finalized because WWE must provide notice to shareholders & other parties. There are legalities to go through, as the company is publicly traded. But, again, I’m told a deal has been agreed to in principle.
— Cassidy Haynes of Bodyslam.net (@Casshooole) January 11, 2023
His reporting is corroborated by DAZN's Steven Muehlhausen, who states similarly:-
Sources: #WWE has been sold to Saudi Arabia’s Public Investment Fund. The company will go back to being private. Unknown if Vince McMahon will return to head of creative but it is expected by some people.
— Steven Muehlhausen (@SMuehlhausenJr) January 11, 2023
Fightful Select, meanwhile, reports to have heard of sale rumours but not enough to confirm anything yet. WWE staff haven't yet been notified of a sale, with writing and production crew members seemingly in the dark. Talent hasn't been briefed either, though one commented that should the sale go through, they'd be "done" with WWE.
WWE's working relationship with Saudi Arabia goes back to April 2014, when the promotion held its first tour in the nation. This was expanded through the announcement of what was described as a "10-year strategic partnership" between WWE and the Saudi General Sports Authority in 2018, through which WWE promotes two annual shows in the country - to the tune of around $50 million each.
This deal has been a source of immense controversy for WWE, primarily as shows such as Super ShowDown and Crown Jewel form part of the Saudi Vision 2030 program. Designed to rehabilitate the image of a nation blighted by an awful human rights record, WWE's participation in it has led to understandable allegations of sportswashing.
Created in 1971 with the purpose of investing funds on behalf of the Saudi Arabian government, the PIF currently holds assets worth an estimated $620 billion.