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Saudi Arabia Reportedly Takes Over WWE, Stephanie McMahon resigns from company
Top 10 Rankers 1/13/2023 10:16:00 AM Business, Business Deals, Female Wrestlers, Saudi Arabia's PIF, sports, Vince McMohan, World Wrestling Entertainment, WWE
Several reports are circulating over social and electronic media, claiming that Saudi Arabia's Public Investment Fund has officially acquired one of the most popular wrestling companies, World Wrestling Entertainment (WWE).
According to details, Vince McMohan, who owns the majority of the shares, has sold the company to PIF, thereby removing WWE from the stock market and making it a private business.
If the reports are true, WWE which has major broadcasting deals with US media houses can play a pivotal role in Saudi Arabia's efforts to diversify its economy and end oil dependency.
On the other hand, some completely reject the reports of the Saudi acquisition, stating that WWE is currently exploring its bids and will make the announcement later.
"Contrary to reports stating otherwise last night, there is no deal in place at this precise moment for WWE to be sold to Saudi Arabia's Public Investment Fund or any entity, sources say.
The organization is still exploring all options, I'm told. Developing.
— Ariel Helwani (@arielhelwani) January 11, 202
Soon after news regarding the Saudi takeover broke out, a number of reports suggested, without revealing any names, that some of the top stars of the wrestling company are planning to quit if the deal becomes official.
It is also worth pointing out that five days after McMahon came back on the Board of Directors, his daughter Stephanie McMahon, announced her resignation as Co-CEO and Chairperson of WWE.