The latest reports suggest that the Public Investment Fund of Saudi Arabia is in talks to acquire WWE (World Wrestling Entertainment, Inc.). WWE based in Connecticut is a professional wrestling promotion public company listed on NASDAQ.
Vince McMahon who owns 38.6 percent outstanding stock of the company is currently the executive chairman of the company. Mr. McMahon also has 81.1 percent voting power in the company making him the most influential person in the business.
A few hours ago, the daughter of Vince McMahon, Stephanie McMahon announced that she is resigning as co-CEO of the company. Stephanie McMahon was named as chairwoman and co-CEO of WWE in July 2022 following the retirement of Vince McMahon from WWE. She earlier operated as chief branding officer of WWE from 2013 to 2022.
Last Friday, Stephanie McMahon stepped down from the post of chairwoman of the company. Soon after the resignation of Stephanie McMahon, Vince McMahon returned as chairman of the board of WWE.
According to various news reports, Vince McMahon is planning to sell WWE stakes to the Public Investment Fund of Saudi Arabia in order to take the company out of the public stock market and convert it into a private business entity.
Vince McMahon left the company in 2022 as WWE decided to launch an investigation against him for sexual misconduct. The Wall Street Journal had then reported that Vince paid nearly 12 million dollars to four women in order to cover up special misconduct and infidelity.
The reports regarding the sale of WWE are not a surprise for professional wrestling fans as Vince McMahon has been talking about selling WWE since his return to the entertainment wrestling company.
Following her resignation from the co-CEO position, Nick Khan is currently the sole CEO of the WWE company. Stephanie’s husband and famous wrestler Paul “Triple H” Levesque is also part of the top leadership as a chief content officer
“With Nick’s leadership and Paul ‘Triple H’ Levesque as chief content officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders,” Stephanie McMahon wrote in an official statement.
The sovereign wealth fund of Saudi Arabia already has multiple investments in the sports field through Newcastle United football club in the English Premier League and LIV Golf.
PIF acquired an 80 percent stake in Newcastle United football club in 2021. The acquisition deal triggered massive controversies in the United Kingdom forcing the government to intervene in the transaction.
