WWE & Saudi Arabia Have "Expanded" Their Partnership
WWE release official statement following Crown Jewel controversy.
WWE and the Saudi General Entertainment Authority have announced an "expansion" to their ongoing live event partnership in the wake of the recent controversy surrounding the Crown Jewel 2019 event.
Vince McMahon's promotion issued the following statement last night:-
WWE® AND THE SAUDI GENERAL ENTERTAINMENT AUTHORITY EXPAND EVENT PARTNERSHIP
STAMFORD, CONN. and RIYADH, SAUDI ARABIA, November 4, 2019 – Following the historic Crown Jewel event in Riyadh, WWE (NYSE: WWE) and the Saudi General Entertainment Authority (GEA) have expanded their live event partnership through 2027 to include a second annual large-scale event. WWE and GEA also continue to work towards the completion of a media agreement in the MENA region.
This long-term partnership demonstrates WWE and GEA’s commitment to bring sports entertainment to the region and supports Saudi Arabia’s Vision 2030.
The word "expansion" is an interesting choice here as the statement notes the agreement has grown to include a second Saudi Arabian live event, even though WWE were already running two live events a year in the nation. As a result, this is almost certainly a PR move, with WWE and SA renewing their vows to tell the world "all is well" after last week.
There's also a chance that this could be an attempt at calming investors down following last week's stock dip. Prices fell when George Barrios couldn't confirm the status of WWE's future Saudi Arabian shows on the 31 October earnings call, so perhaps the promotion released this statement to drive them back up. This is speculative, of course.
Whatever the case, these Saudi Arabian shows aren't going anywhere, and the steady revenue stream WWE pocket from events like Crown Jewel and Super ShowDown will continue until at least 2027.