World Wrestling Entertainment has been sold to Saudi Arabia’s Public Investment Fund, a Saudi sovereign wealth fund.
When World Wrestling Entertainment (WWE) chief Vince McMahon was reinstated as the company’s chairman in January 2023, just months after retiring following allegations of sexual harassment, many were skeptical of the world of professional wrestling. speculated about the future of the Juggernaut. Rumors even circulated that WWE would be sold to the Saudi Sovereign Wealth Fund (also known as the Public Investment Fund (PIF)) and he would later become a private company.
So far, we have no actual confirmation that such a sale is taking place. We have reached out to WWE for more information and will update this story accordingly.
However, tabloid TMZ claims the company has not been sold to Saudi Arabia, despite rumors circulating that McMahon secured “a lot of money” to hand the company over to the country.
According to CNBC, McMahon’s return was to facilitate the sale of the company, and WWE had sought advice from JP Morgan in the process. reported that you can submit A potential sale is likely to take place by mid-2023, when the TV rights renewal deal is being negotiated.
A sports journalist also tweeted that there was no such deal, and the original tweet that claimed so has since been deleted.
The Saudi monarchy has a long history of human rights violations, including the crackdown on women’s rights activists and royal critics. Many speculate that Crown Prince Mohammed bin Salman ordered the murder of journalist Jamal Khashoggi at the Saudi Embassy in Istanbul, Turkey, in 2018.
The internet has been wondering what the sale to Saudi Arabia means for women and LGBTQ wrestling talent.
It should be noted that WWE has already signed a 10-year deal with Saudi Arabia to host wrestling competitions in the kingdom. increase. This is argued by many that the country spends billions of dollars on high-profile sporting and entertainment events to distract from human rights abuses.
However, there is not enough information at this time. Some journalists have claimed the WWE rumors are false, but are awaiting a response from the group. At this time, we are evaluating this claim as an “ongoing study.”
Haynes, Cassidy. “Exclusive: WWE Sale To Saudi Investment Fund Completed, Company Going Private,” BodySlam.Net, 11 Jan. 2023, https://www.bodyslam.net/2023/01/10 /exclusive-wwe-sale-to-saudi-investment-fund-done-company-going-private/. Accessed January 11, 2023.
‘Jamal Khashoggi: What you need to know about the death of a Saudi journalist,’ BBC News, 10 October 2018. www.bbc.com, https://www.bbc.com/news/world-europe-45812399. Accessed January 11, 2023.
“Saudi Arabia signs 10-year deal with WWE.” Al Arabiya English, 1 Mar 2018, https://english.alarabiya.net/sports/2018/03/01/Saudi-Arabia-signs-10- year-contract-with-WWE. Accessed January 11, 2023.
Sherman, Alex. “Vince McMahon is back in WWE to ensure a smooth sales process. Anyone wanting to buy this is here.” CNBC, https://www.cnbc.com/2023/01/07 /who-would-buy-wwe-as-mcmahon-returns-to-board-to-pursue-sale.html. Accessed January 11, 2023.
“Stephanie McMahon Steps Down as Co-CEO of WWE.” ESPN.Com, 11 Jan. 2023, https://www.espn.com/wwe/story/_/id/35422004/stephanie-mcmahon- resigns-wwe-nick-khan-now-sole-ceo. Accessed January 11, 2023.
“WWE sources say the company has not been sold to Saudi Arabia.” TMZ, https://www.tmz.com/2023/01/11/wwe-sources-company-not-sold-saudi-arabia /. Accessed January 11, 2023.
Zidane, Karim. “Report: Saudi Arabia Acquires WWE In Negotiations To Expand Sportswashing Empire.” Bloody Elbow, 11 Jan. 2023, https://www.bloodyelbow.com/2023/1/11/23549833/saudi- arabia-bid-buy-wwe-wrestling-politics-sportswashing-news. Accessed January 11, 2023.